Law firm Milbank, Tweed, Hadley & McCloy LLP represented the lenders in the construction and permanent financing of a portfolio of 11 wind energy facilities located near Twin Falls County, Idaho. The lenders included the Bank of Tokyo-Mitsubishi UFJ Ltd., ING Capital LLC and Norddeutsche Landesbank Girozentrale.
The Idaho Wind Project, owned by Idaho Wind Partners I LLC, is expected to have a total capacity of 183 MW. Once completed, the portfolio is expected to qualify for a Treasury cash grant.
Idaho Wind Partners I is jointly owned by subsidiaries of Atlantic Power Corp., Exergy Development Group, GE Energy Financial Services and Reunion Power LLC.
Idaho Power Co. has contracted to purchase all of the electricity produced by the facilities under 20-year power purchase agreements. Fagen Inc., the engineering and procurement contractor, has commenced construction at each of the facilities and is expected to complete several of the facilities by the end of the year.