Milbank Represents Arcadia Windpower Ltd. in Sale of Bluewater Wind, a Leading Offshore Wind Development Company, to NRG Energy, Inc.
LOS ANGELES, November 10, 2009 – The international law firm Milbank, Tweed, Hadley & McCloy LLP represented Arcadia Windpower, Ltd. in closing the sale of all subsidiaries of Bluewater Wind, LLC, a pioneer in the development of offshore wind projects in the United States, to NRG Energy.
Bluewater Wind is regarded as the leader in domestic offshore wind development based in part on it having the only executed long term power purchase agreement in the United States for its planned 200 MW offshore Delaware wind project. Bluewater Wind has a 25-year, 200 megawatt power purchase agreement (PPA) with Delmarva Power & Light Company that has been approved by the Delaware Public Service Commission and other state agencies. In New Jersey, the company is one of three preferred developers awarded a $4 million rebate from the state to build a meteorological tower to collect wind data for a proposed 350MW wind energy project off the coast of New Jersey. The Bluewater Wind portfolio includes a range of offshore wind projects in other northeastern states that are in earlier stages of planning and development.
The Milbank team included partner Edwin F. Feo, co-chair of Milbank’s Project Finance practice, senior associate Thomas Paschall, and associates Jan Nishizawa, Adam Bagley, Josh Ludmir and Henry Scott. Partners Simon Friedman, Paul Wessel, Joel Krasnow, and of counsel Jane Hanson, and associate Kevin Brown, offered key tax and employment-related advice in connection with the transaction.
Milbank was legal counsel to Arcadia Windpower, Ltd. in the transaction, and Credit Suisse served as Arcadia’s financial advisor.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions to many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. The firm’s 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. The firm’s 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.