by Staff Writers
New York NY (SPX) Jan 01, 2016
In its latest major transaction in the solar power sector, a Milbank, Tweed, Hadley and McCloy LLP deal team led by corporate partner John Franchini and project finance partner Timothy Wendling advised institutional investors advised by J.P. Morgan Asset Management - Global Real Assets in the acquisition by Terra Nova Renewable Partners from Dominion of a 33 percent stake in a 336 megawatt DC portfolio of operating solar power plants for $180 million plus a working capital adjustment, as detailed in the press release issued by SunEdison.
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.
This acquisition is the first of two phases of a deal announced in September of 2015. The entire solar portfolio consists of 24 projects, with a total capacity of 567 megawatts DC, located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah.
This first phase of the transaction is for 15 projects that generate 336 megawatts DC, and a second acquisition is for the remainder of the aggregate 567-megawatts DC portfolio. The second phase of the transaction is expected to close in early 2016.
Under the partnership, initially announced in September 2015, institutional investors advised by J.P. Morgan Asset Management - Global Real Assets have funded, and are expected to continue to provide, equity to purchase renewable energy projects developed or acquired by SunEdison.
In addition to Mr. Franchini and Mr. Wendling, the Milbank team advising J.P. Morgan Asset Management in their investment included Tax partner Mark Regante and special counsel Drew Batkin, Corporate senior associate Aaron Stine and Corporate associates Monica Arduini and Michael Schmale, and Project Finance associates Kristine Wang and Ryan Hart.
"We are delighted to again work with a world-class infrastructure fund investor and the largest global renewable energy development company to bring together the necessary financing to advance the first phase of this deal for 24 solar portfolio projects across the country," said Milbank partner John Franchini.
To date, Milbank has advised on the acquisition of 633 megawatts AC of wind assets and 336 megawatts DC of solar assets by Terra Nova Renewable Partners.
All About Solar Energy at SolarDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2016 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|