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, DC-based partner Lewis Putman and associate Yolanda Oliver.
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.