Milbank Represents Lehman Brothers Private Equity in Purchase of 50 Percent Stake in Leading Canadian Renewable Energy Developer
Milbank Represents Lehman in SkyPower Corp. Investment
LOS ANGELES, June 12, 2007 – Lehman Brothers Private Equity has acquired a 50 percent equity stake in SkyPower Corp. The international law firm Milbank, Tweed, Hadley & McCloy LLP served as U.S. counsel to Lehman in the purchase. Goodmans LLP served as Canadian counsel to Lehman. The transaction closed on June 11, 2007.
The investment includes an up-front acquisition payment, commitments to future project financing as well as other investment opportunities in the renewable energy sector. A portion of the up-front payment will be used by the Adler Renewable Energy Foundation (AREF) a foundation which is being formed to help provide select schools and needy communities in Canada the ability to benefit from clean renewable power by having solar or wind power to augment or replace where possible their current power needs.
“Lehman Brothers and SkyPower are committed to furthering the renewable energy market in Canada and globally,” said Edwin F. Feo, co-chair of Milbank’s Global Project Finance Group, and lead U.S. counsel to Lehman Brothers on the transaction. “This strategic partnership will enable them to capitalize on additional opportunities, particularly in the wind and solar sectors.” In addition to Mr. Feo, the Milbank attorneys who worked on the transaction included tax partners Simon Friedman and Mark Regante, corporate partner Deborah Ruosch, and associates Dava Casoni and Liana Soll. Charles Westland, of counsel in New York, completed the team.
SkyPower was advised on the transaction by Marathon Capital headquartered in Bannockburn, Illinois, and Genuity Capital Markets based out of Toronto, Ontario. Specific terms of the transaction were not disclosed.
About SkyPower
SkyPower is a Canadian leading independent renewable energy developer with interests in more than 50 wind and solar projects at various stages of development across Canada, representing more than 7,000 MW of potential capacity. SkyPower’s strategy involves bringing a portfolio of renewable energy projects from exploration phase through to construction and commercial operation.
About Lehman Brothers Private Equity
Lehman Brothers' Private Equity business, started in 1984, consists of 16 different fund strategies across six asset classes: merchant banking, venture capital, real estate, fund-of-funds, credit and infrastructure.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance and transactions, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, and Washington, DC.