Babock & Brown Acquires Bluewater Wind LLC
Milbank Represents Nation’s Largest Developer of Offshore Wind Parks in Acquisition Agreement
LOS ANGELES, October 1, 2007 – Continuing to add to its count of $35 billion in energy financing, the international law firm Milbank, Tweed, Hadley & McCloy, LLP represented Bluewater Wind LLC, one of the country’s largest developers of offshore wind projects, in its agreement to be acquired by Babcock & Brown, a global investment firm managing more than $50 billion in assets including more than 18 wind farms in eight states. Babcock & Brown’s wind energy expertise, strong financial position and ability to raise additional funds, if needed, addresses the last major hurdle in the effort to finance and build what likely will be the nation’s first offshore wind park – the $1.6 billion Delaware Offshore Wind Park. Bluewater Wind will continue the development of the proposed 150 wind power turbine park, while Babcock & Brown will be the principal investor.
“By developing this offshore wind energy project, Delaware will be pioneering the delivery of a clean, stable-priced, renewable energy source to its citizens,” said Edwin F. Feo, co-chair of Milbank’s Global Project Finance Group, who spearheaded the Milbank team resident in the Los Angeles office. “In doing so, it will be demonstrating to the rest the country the viability of harnessing the wind power just a few miles off of our coasts.” Tax partner Simon Friedman and associate Julie White worked with Mr. Feo on the transaction.
The wind farm, which would sit in federal waters about 11.5 miles offshore, would be large enough to provide 30 percent of the power to about 300,000 homes when operating at full capacity, more than the total number of Delmarva Power & Light’s customers. Bluewater Wind is negotiating with Delmarva regarding the terms of a long-term power contract.
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 Los Angeles, Washington, DC, London, Frankfurt, Munich, Tokyo, Hong Kong, Singapore and Beijing.