Los Angeles, April 11, 2005 - The Los Angeles office of the international law firm Milbank represented the bank lenders, HSH Nordbank AG as arranger, sponsor facility administrative agent and lender; and Dexia Crédit Local as senior facility administrative agent and lender in the $69.5 million financing of a 30-megawatt wind farm to be built in Hawaii, on the island of Maui. The project is being developed by Kaheawa Wind Power LLC, a joint venture between UPC Wind Partners LLC, the 51% owner, and the local partner Makani Nui Associates owning 49%. The financing consisted of a $58,500,000 senior secured credit facility and a $11,000,000 sponsor loan facility, secured under an innovative second lien structure.
Edwin F. Feo, co-chair of Milbank’s Utility and Energy practice and a member of Milbank’s Global Executive Committee, and Project Finance partner Allan Marks spearheaded the Milbank/LA team. Senior associate Evelyn Lim, and associates Doug Keehn, Michelle La Plante, Karen Montoya and Holden Triplett also worked on the transaction.
“This project has broad local support because residents see wind energy as an environmentally friendly way to avoid the use of fossil fuel,” said Mr. Marks. “The record number of financings we’ve been closing in the wind energy arena indicates the growing recognition of the potential in this renewable energy field,” added Mr. Feo. The state of Hawaii relies on imported fossil fuels for over 90% of its electricity generation needs.
The Kaheawa Pastures project consists of 20 General Electric 1.5 MW 60 Hertz wind turbines arranged in a single "articulated row" that will connect to Maui Electric Company's transmission system. The project, which is expected to be completed in early 2006, will generate enough electricity to power 11,000 average-sized Maui homes and eliminate the use of 155,600 barrels of oil annually.
Milbank’s Global Project Finance practice includes more than 90 lawyers actively involved in the financing of infrastructure projects in the United States, Latin America, Europe, the Middle East, Africa and Asia. In the past several years, the group has closed more than 140 project financings, valued in excess of $85 billion, and in a range of industries, including electric power, water, mining and metals, petroleum and natural gas, petrochemicals, aerospace, environmental, telecommunications and satellites, timber and paper processing, pipelines, toll roads and airports. Peer recognition includes:
- Euromoney’s Project Finance Magazine, 2004
- Eight Deals of the Year – A Record Number
- Legal Week, 2004
- International Firm of the Year
- The American Lawyer, 2003
- No. 1 U.S.-Based Project Finance Law Firm
- Euromoney’s IFLR Guide to World’s Leading Law Firms
- Most Recommended Project Finance Law Firm
- No. 1 Project Finance Legal Advisor for Latin America
- 12 Milbank attorneys named as world’s Leading Project Finance Lawyers
- No. 1 – Top 10 Legal Advisers of Renewable Project Finance Deals, August 1, 2003 - July 31, 2004
- IFLR Asian Awards
- 2002 International Law Firm of the Year
- Infrastructure Journal, 2002
- No. 1 Global Legal Advisor
- No. 1 North American Legal Advisor
- No. 1 Latin America Legal Advisor
- No. 1 Power Legal Advisor
- No. 1 Telecoms Legal Advisor
- Telecom’s Firm of the Year
Milbank is a premier global law firm headquartered in New York, with offices in Los Angeles, Washington, DC, Palo Alto, London, Tokyo, Hong Kong, Singapore, Frankfurt and Munich. In addition to global project finance, Milbank is a recognized leader in corporate finance and financial services law, transportation finance and other major fields of legal practice.
Milbank, Tweed, Hadley & McCloy LLP
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