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…
IRS Notice 2016-31: Beginning construction under the PATH Act
By Leah Karlov, Tax Partner & Michael Goon, Tax Associate Milbank, Tweed, Hadley & McCloy LLP On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act),1 which extended the production tax credit (PTC) under section 45 of the Internal Revenue Code (the Code) for wind…
Milbank advises Canada’s Fengate Capital in inaugural U.S. wind investment
Milbank, Tweed, Hadley & McCloy LLP has advised Fengate Capital Management in its acquisition of a 25% equity interest in the San Juan Mesa Wind Project LLC. Fengate, a real asset investment firm based in Toronto, Canada, acquired Citigroup’s stake in the wind farm. San Juan Mesa is a fully operational 120-MW facility in eastern…
Milbank advises EIG Global Energy Partners on sale of UK’s “GLID” wind farms
Milbank, Tweed, Hadley & McCloy LLP has advised EIG Global Energy Partners in the joint sale with their 50% joint venture partner Centrica plc, of the Glens of Foudland, Lynn, and Inner Dowsing wind farms (“GLID“) to a consortium of funds managed by BlackRock and the UK Green Investment Bank Offshore Wind Fund. The enterprise…
Congress considering two-year PTC extension
On December 7, the House Ways and Means Committee Chair, Kevin Brady, circulated draft legislation that would extend the Internal Revenue Code Section 45 tax credit for electricity produced by certain renewable sources (“PTCs”) for two years.
Milbank advises on Terra Nova Renewable’s strategic partnership and wind acquisitions
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…
Milbank represents Mexico Power Group in financing of La Bufa Wind Power Project
Adding to its list of major alternative energy deals in Latin America, Milbank, Tweed, Hadley & McCloy LLP has represented Mexico Power Group (MPG) in two transactions related to the construction of a 130-MW La Bufa Wind Power Project in north-central Mexico. Upon completion, the power generated from La Bufa will be sold to Volkswagen…
Milbank adds tax partner Michael Duff, with focus on structuring renewable energy and project finance deals in LA
Milbank, Tweed, Hadley & McCloy LLP announced a prominent new member of its project finance and renewable energy team with the addition of Tax partner Michael O’Hara Duff, who joins the firm’s Los Angeles office. With a practice focused on federal taxation issues, Mr. Duff advises on complex partnerships and other corporate structures used to…
Milbank continues prominent role in wind and energy related financings across Latin America
Continuing its strong run of Latin America financing deals in the renewables sector, Milbank, Tweed, Hadley & McCloy LLP advised Goldman Sachs & Co. and BofA Merrill Lynch as initial purchasers of $204 million in 144A/Regulation S green bonds issued by Peruvian wind-energy producer Energía Eólica S.A. Energía Eólica is a subsidiary of ContourGlobal, headquartered…
IRS clarification and other ideas may make financing wind farms easier
The IRS recently clarified a section of the PTC law that pertains to wind farm financing. In particular, the Service added a new rule that will enable some wind farms that might not have otherwise qualified as eligible for PTCs. Under current law a wind farm had to be in service or under construction as…
An initial energy & environment update for the coming legislative year
This article, from law firm Mintz Levin, is authored by Sarah Litke, Bryan Stockton, David Leiter, Jordan Collins, and R. Neal Martin. Now that 2013 has come and gone, and with the second session of the 113th Congress scheduled to begin shortly and President Obama beginning the second year of his second term, ML Strategies…
Milbank represents lender in financing of Pattern Energy’s Panhandle 2 Texas wind farm
In its latest large project financing in the U.S. renewable energy sector, Milbank, Tweed, Hadley & McCloy LLP has represented Morgan Stanley as the debt provider to finance construction of a major new wind farm under development in Carson County, near Amarillo, Texas. The 182 MW Panhandle 2 Wind Project, which Pattern Energy Group, Inc. has…
Milbank represents lenders in financing of Pattern Energy’s Panhandle Wind Project
Construction to begin on 218 MW wind farm project; deal is latest in series of major financings by Milbank for large U.S. renewable energy providers In its latest large project financing in the U.S. renewable energy sector, Milbank, Tweed, Hadley & McCloy LLP represented the lender group in funding the construction of a major new…
A closer look at the PTC extension, and more
This article comes from tax counselors and law firm Milbank, Tweed, Hadley & McCloy LLP The House of Representatives last night approved H.R. 8, the “American Taxpayer Relief Act of 2012” (the “Bill”), by a vote of 257-167. The Bill was approved earlier in the day by the Senate by a vote of 89-8. Still…