Half the ownership of the 211-MW Grandview wind project in Texas has changed hands, with Milbank advising the purchaser, a fund managed by investment management corporation, BlackRock.
In its latest high-profile renewable power transaction, Milbank, Tweed, Hadley & McCloy LLP advised a fund managed by BlackRock in the acquisition from GE Energy Financial Services of a 50% interest in the Grandview wind project, located in the northern Texas Panhandle.
The 211-MW facility, formally known as Grandview I Wind, has been operating since 2014 and is scheduled to provide electricity regionally under a long-term offtake agreement. Milbank Corporate partner Brien Wassner and Project Finance partner Karen Wong led the deal team on behalf of BlackRock.
The 45,000-acre Grandview One is located within the Competitive Renewable Energy Zone, a Texas designation for applying renewable energy technologies where available land and renewable energy sources are abundant.
Grandview, in Carson County, east of Amarillo, is now jointly owned by BlackRock and E.ON Climate and Renewables North America, a subsidiary of Germany-based power provider E.ON SE. BlackRock manages more than $2 billion in equity assets specifically devoted to renewable power project investment and has to date invested in more than 2 GW of solar and wind power projects internationally.
Milbank’s Mr. Wassner and Ms. Wong were assisted in the BlackRock representation by Drew Batkin, Tax special counsel, and James Liles, regulatory advisor and member of the Project Finance practice group. The deal team also included Corporate associates Francisco Nuñez, Nehal Siddiqui, Monica Arduini, and Julia Chong; and Project Finance associates Hao Huang and Francis Choi.
Filed Under: News, Projects
