Milbank, Tweed, Hadley & McCloy LLP deal has successfully advised institutional investors working with J.P. Morgan Asset Management on its partnership with SunEdison for the acquisition of 333 MWs of wind-power assets. The combined enterprise value is worth $787 million.
The Milbank team was led by corporate partner John Franchini and project finance partner Timothy Wendling. Terra Nova Renewable Partners is the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.
Under the partnership, J.P. Morgan’s institutional investors are intending to provide equity to purchase renewable energy projects developed or purchased by SunEdison.
The two acquired projects are the 185-MW Bingham wind farm and 148-MW Oakfield wind farm, both located in Maine. Construction on Oakfield Wind was completed this fall and it is now online and operating as the largest wind project in New England.
“We are pleased to have worked once again with a world-class infrastructure fund investor and a leading renewable energy development company in bringing together the necessary financing to advance, among others, the largest wind power project in New England,” said Milbank partner John Franchini.
The Milbank team previously advised on market leading renewable deals, advising on:
- Macquarie Capital and John Hancock as lead equity investors in TerraForm Private, a $525 million warehouse facility created by SunEdison, which holds 521 MW of wind power assets located in Oklahoma and Idaho,
- Energy Capital Partners in the acquisition of Terra-Gen, LLC, one of the largest renewable energy businesses in the country owning more than 20 wind, solar, and geothermal power generation assets across the U.S.
Milbank Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years.
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