NEW YORK, October 30, 2009 – International law firm Milbank, Tweed, Hadley & McCloy LLP is representing Global Infrastructure Partners (GIP) in the acquisition by its affiliates of up to a 40 percent interest in leading renewable energy company Terra-Gen Power Holdings, LLC (Terra-Gen), announced yesterday. Terra-Gen is an affiliate of Boston-based ArcLight Capital Partners, LLC. GIP is an independent US$5.64 billion infrastructure investment fund.
The parties expect the operational strengths and power sector expertise of GIP to greatly complement Terra-Gen’s portfolio of operating renewable projects and growth platform. Terra-Gen currently owns over 800 megawatts (MW) of geothermal, wind, and solar power generation projects and has over 5,000 MW of renewable energy projects under development in the United States. The Milbank team representing GIP in the transaction is led by John D. Franchini, a New York-based partner in the firm’s Global Corporate Group.
“To structure and negotiate this significant transaction, Milbank combined its specialized knowledge of the renewable energy industry with its strong expertise in private equity investments,” said Mr. Franchini.
In addition to Mr. Franchini, the Milbank team representing GIP includes associates Brian P. Kelly and Gabrielle Haddad of the firm’s Global Corporate Group; partner Russell J. Kestenbaum of the Tax Department; partner Jonathan J. Green and associates Eliza McDougall and Laurice Thrasher of the Global Leveraged Finance Group; partner Edwin F. Feo of the Global Project Finance Group; partner Paul J. Wessel of the Executive Compensation and Employee Benefits Group; and regulatory advisor James C. Liles. With the exception of Mr. Liles, who is based in Washington, DC, all are based in New York.
Subject to certain regulatory approvals and consents, the transaction is anticipated to close in the fourth quarter of 2009. Citigroup, Inc., acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates acted as legal advisor to ArcLight. Credit Suisse acted as financial advisor to GIP.
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, project finance, acquisition finance and other major fields of law practice. Milbank litigation and arbitration 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.