Press Release

Milbank/LA Closes Ridgeline Airtricity’s Sale of 64.5 Megawatt Wolverine Creek Windfarm to Invenergy

Entire output from Idaho’s first large-scale wind power project to be purchased by PacifiCorp

Los Angeles, CA – The Los Angeles office of the international law firm, Milbank, represented Ridgeline Airtricity, a joint venture of U.S.-based Ridgeline Energy and Airtricity, Inc., a leading Irish wind farm developer, in the sale of the first phase of the Idaho-based, Wolverine Creek wind power project to Chicago-based Invenergy LLC, a developer, operator and owner of power generation plants. In a 20-year power purchase agreement, the multi-state electric utility, PacifiCorp, will purchase the entire output of the 43 1.5-MW wind turbines planned for project over the next 20 years. Idaho’s first large-scale wind power project will generate more than 200 MW when complete.

Edwin F. Feo, Co-chair of the Global Project Finance practice and member of the firm’s Executive Committee, spearheaded the project working with partner Karen Wong, and associates John Ha and Jim Liles. “The Goshen project is a milestone for wind energy in Idaho, and ultimately will be a major contributor of energy to the people of Idaho,” said Mr. Feo who has been involved in the financing of wind farm and other renewable energy projects around the world.

The 64.5-MW Wolverine Creek project will be constructed and operated by a special purpose entity, Wolverine Creek Energy LLC, which is owned by Invenergy. Wolverine Creek Energy will construct the project and bear the costs of interconnection with PacifiCorp’s Goshen substation located approximately 16 miles away. Ridgeline Airtricity will be the local project manager. The project is proposed to be in service by December 31, 2005.

Milbank’s Global Project Finance practice includes more than 90 lawyers actively involved in the financing of infrastructure projects in the United States, Latin America, Europe, the Middle East, Africa and Asia. The group has one of the leading renewable energy practices, with peer recognition including:

• Euromoney’s Project Finance Magazine, 2004

  • Eight Deals of the Year – A Record Number, including the North   American and Latin American Renewable Energy Deals of the Year

• Dealogic

  • No. 1 – Top 10 Legal Advisers of Renewable  Project Finance Deals, August 1, 2003 - July 31, 2004

• Renewable Project Finance

  • No. 1 – Top  10 Legal Advisers of Renewable Project Finance Deals August 2004- March 2005

About Milbank:
Milbank, Tweed, Hadley & McCloy LLP is a premier global law firm headquartered in New York, with offices in Los Angeles, Washington, D.C., Palo Alto, London, Frankfurt, Munich, Hong Kong, Tokyo and Singapore, and. In addition to global project finance, Milbank is a recognized leader in corporate finance and financial services law, transportation finance and other major fields of legal practice.