International law firm Milbank, Tweed, Hadley & McCloy LLP represented the joint lead arrangers – Fortis Capital Corp. and Banco Bilbao Vizcaya Argentaria SA – in the construction and term financing of the 100 MW Phase II Mount Storm wind project.Â
Developed by affiliates of Dominion Resources Inc. and Shell WindEnergy Inc., the two-phase West Virginia project is being constructed on the Allegheny Front in Grant County. Both phases of the projects are expected to have a capacity of 264 MW.
Milbank represented the same joint lead arrangers in the closing and syndication of the $185 million construction and term financing of the 164 MW Phase I of the wind project.
‘The global financial crisis posed formidable challenges to completing the transaction, as credit committees of the banks participating in the financing demanded additional comfort before agreeing to lend,’ says Edward V. Kayukov, project finance partner. ‘The credit crisis, coupled with the dearth of tax equity, will continue to pose significant difficulties for the renewable energy sector in the coming months.’
SOURCE: Milbank, Tweed, Hadley & McCloy LLP