Milbank Represents Lenders In $1.3 Billion Financing For Wind Project

Posted by NAW Staff on December 21, 2010 No Comments
Categories : FYI

The international law firm Milbank, Tweed, Hadley & McCloy LLP represented joint lead arrangers Citi, Bank of Tokyo-Mitsubishi UFJ Ltd., RBS Securities and WestLB Securities Inc. in a $1.3 billion financing package for the Shepherds Flat wind project developed by Caithness Energy LLC and GE Energy Financial Services that is located near Arlington, Oregon. The loan carries an 80% guarantee from the U.S. Department of Energy.

Once completed, the 338-turbine, 845 MW wind farm will cover 30 square miles in Oregon. Milbank also represented the private placement institutional lenders in the transaction.

Chadbourne & Parke LLP served as project counsel.

The final debt package consisted of $525 million in fixed-rate privately placed bonds, $675 million in floating rate loans and $230 million of letters of credit. The sponsor contributed roughly $700 million in equity. All of the power and renewable energy credits from Shepherds Flat will be sold to Southern California Edison Co. through a 20-year power purchase agreement. The wind project is expected to be completed in 2012.

SOURCE: Milbank, Tweed, Hadley & McCloy LLP

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