Energy Investor Funds Acquisition of Burney Forest Products
Reflects Growing Institutional Interest in Alternative Energy Investments
LOS ANGELES, April 17, 2006 - In the most recent in a series of alternative energy transactions, the international law firm of Milbank, Tweed, Hadley & McCloy LLP announced today that it closed an acquisition by Energy Investor Funds (“EIF”) of Burney Forest Products, a 30 MW wood-fueled biomass facility located near Burney, California. Milbank’s Los Angeles-based partner, Edwin F. Feo, led his firm’s representation of EIF. An EIF subsidiary acquired the equity interests in the plant, which holds a long-term contract to sell electrical and energy capacity to Pacific Gas & Electric.
Mr. Feo, who also co-chairs Milbank’s Global Project Finance Department, said, “There is a growing understanding among sophisticated investors regarding the viability of alternative energy. We expect to see more acquisitions of biomass facilities this year.” The Milbank team also included associate Tiffany Siart (Los Angeles), Erika DelDuca (New York), and regulatory advisor Jim Liles (Washington, D.C.).
Milbank’s Global Project Finance Group includes 19 partners and more than 80 lawyers actively involved in the financing of infrastructure projects in the United States, Latin America, Europe, the Middle East, Africa and Asia. In the past several years, the group has closed more than 140 project financings, valued in excess of $85 billion, and in a range of industries, including electric power, water, mining and metals, petroleum and natural gas, petrochemicals, aerospace, environmental, telecommunications and satellites, timber and paper processing, pipelines, toll roads and airports.
Peer recognition includes:
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Euromoney’s Project Finance
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North America Infrastructure Deal of the Year – Neptune
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North America Oil & Gas Deal of the Year – Sabine Pass
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North America Single Asset Deal of the Year – La Paloma
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North America Merchant Deal of the Year – Boston Gen
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North America Bond Deal of the Year – Skyway Refinancing
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North America Refinancing Deal of the Year – Crockett
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Latin America Mining Deal of the Year – Cerro Verde
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EMEA Petrochemicals Deal of the Year – Qatofin
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Asia Pacific Acquisition Financing Deal of the Year – CBK
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that is recognized for more than 140-years for providing innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions, including capital markets, corporate finance, project finance, acquisition finance, and other major fields of law practice. Milbank 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 Washington, DC, Los Angeles, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore.