July 1, 2015

Milbank Advises Equity Investors in SunEdison’s $525M Wind Power Warehouse Facility

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Corporate partner John Franchini led Milbank deal team, including lawyers from corporate, project finance and tax groups; warehouse facility to hold 521 MW of wind power assets in a deal announced by renewable energy leaders SunEdison and TerraForm Power

A Milbank, Tweed, Hadley & McCloy LLP deal team led by corporate partner John Franchini and project finance partner Timothy Wendling has advised Macquarie Capital and John Hancock as lead equity investors in a warehouse facility created by SunEdison, Inc. (NYSE:SUNE). SunEdison has formed a $525 million warehouse facility, TerraForm Private Warehouse, which will hold 521 megawatts of wind power assets located in Oklahoma and Idaho that were purchased from Atlantic Power. TerraForm Private Warehouse will be operated by SunEdison, the world's largest renewable energy development company, while TerraForm Power (Nasdaq:TERP) will have an exclusive call right to the stored assets and expects to add them to its portfolio over time beginning with drop downs in the second half of 2016.

In addition to Mr. Franchini and Mr. Wendling, the Milbank team advising Macquarie and John Hancock in their investment included partner Mark Regante (tax); associates Kim Shah, Zach Gennett and Hao Huang; and regulatory advisor James Liles.

Morgan Stanley, Citi, and Goldman Sachs provided debt in the form of a seven-year term loan.

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.

The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.