Italy's Largest Power Company Enters U.S. Geothermal Market
Milbank Represents ENEL North America in Purchase of AMP Resources
LOS ANGELES, March 26, 2007 – ENEL North America, Inc (ENA), a subsidiary of Italy’s largest power company, ENEL S.p.A., announced the acquisition of AMP Resources LLC (AMP) from AMP Capital Partners and a minority investor. The international law firm of Milbank, Tweed, Hadley & McCloy LLP represented ENA in the purchase, which includes one operating and four advanced stage geothermal development projects located in Nevada, California and Utah. Marathon Capital LLC provided the financing to AMP.
Headquartered in Andover, Massachusetts, ENA is a leading owner and operator of renewable energy projects, and currently maintains a diversified portfolio including hydropower, wind and biomass in 21 U.S. states and three Canadian provinces. The purchase, a total of 115 MW, marks the company’s first foray into the U.S. geothermal market. When fully operational, the geothermal projects will provide enough renewable power for more than 100,000 households.
Edwin F. Feo, co-chair of Milbank’s Global Project Finance Group, who represented ENA commented, “There is an ever-increasing interest in the potential of the U.S renewables market from companies abroad. This will only continue as public and private pressure mounts to find viable alterative energy sources.” Mr. Feo, a Los Angeles-based partner at Milbank. The Milbank team included partner David Lamb, and associates Laurae Rossi, Rachel Fink and Ari Bessendorf in Los Angeles, and Washington, D.C.-based partner Lewis Putman and associate Yolanda Oliver.
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