Milbank Represents Mizuho in Connection with Marubeni's Sale of 50% of Its Caribbean Power Portfolio to TAQA
NEW YORK, May 13, 2009 – In connection with Marubeni Corporation's sale of a 50-percent ownership stake in its 2300 MW Caribbean power portfolio to the Abu Dhabi National Energy Company PJSC (TAQA), Mizuho Corporate Bank Ltd. provided multiple tranches of financing. The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partners Dan Bartfeld and David Impastato, represented Mizuho in negotiating and structuring the financing. The acquisition boosts TAQA's power assets to 11,650 MW from 10,500 MW. Marubeni's worldwide generating capacity is 24,541 MW (gross) and 7,483 MW (net).
"This transaction shows that acquisitions and financings of strong power portfolios can occur even in this difficult environment," said Milbank's Bartfeld. Milbank's Impastato added, "We expect to see continued activity in this space, particularly involving non-US entities."
In addition to Messrs. Bartfeld and Impastato, Mizuho was represented by associates James Orme and Anne Shutkin.
About the Transaction
Marubeni Corporation sold a 50 percent equity interest in certain power assets in the Caribbean to TAQA through its wholly owned subsidiary, Marubeni Caribbean Power Holdings Inc. ("MCPH"). The purchase is made under a 50/50 joint venture focused on long-term investments in the energy sector in the region. The new joint venture portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2,300 MW (gross) in Jamaica, the Bahamas, Trinidad and Tobago, and Curaçao. Mizuho Corporate Bank is one of the most active financial institutions in the world involved in the financing of energy and infrastructure projects.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a pre-eminent 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, 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.