Investments
Mar. 2, 2004
Milbank Tweed Assists Windy Fundings
Los Angeles partner Ed Feo of Milbank Tweed Hadley & McCloy has completed financing deals for two new wind energy projects in the United States.
In one transaction, Feo advised Fortis Capital Corp., which led a group of lenders in financing a $74 million wind farm near Abilene, Texas. The group included BNP Paribas, Dexia, the Bank of Scotland and Manufacturers Life Insurance Co.
He also represented the Australia and New Zealand Banking Group and Rabobank International in financing a $128 million project near Lamar, Colo. Feo describes that wind farm as the first major wind project in Colorado, noting that regulators there have become more receptive to alternative energy sources during the past few years.
"In this case, there had not been a track record of these kinds of projects in Colorado, and so it took some persuasion on the part of the sponsors to push the project through the regulatory process as well as the contracting process with the utility," Feo says.
In the Texas deal, the Milbank Tweed team included Los Angeles associates Wayne Song and Valentina Gavalya-Sandoval. The project sponsor, American Electric Power, received legal advice from New York partner Mark Haddad of Jones Day.
For the Colorado deal, Feo received assistance from associates Edward Kayukov, John Ha and Matt Meza in Los Angeles. One of the project sponsors, PPM Energy Inc., was advised by John Schweitzer of Stoel Rives in Portland, Ore., while the other sponsor, Shell WindEnergy Inc., received advice from Mark Safty of the Denver office of Holland & Hart.
Toni Vranjes
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