NEW YORK, July 20, 2011 – International law firm Milbank, Tweed, Hadley & McCloy LLP represented the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) as lead arranger, together with an international syndicate including Credit Agricole SA, ING Groep NV, Natixis, Rabobank Nederland and Societe Generale SA, in the $500 million financing for the 100-megawatt Gainesville Renewable Energy Center, a wood- and waste-fired biomass power plant under construction in Gainesville, Florida. The project is being developed by Boston-based American Renewables LLC. Milbank’s team included Eric Silverman, Mark Regante, Caroline Conway, Danielle Hunt, and regulatory advisor James Liles.
“This project is one of the largest greenfield biomass power projects ever undertaken in the United States and demonstrates that private developers remain committed to the development of innovative renewable energy projects,” said Mr. Silverman. “We are honored that the lenders selected Milbank for this landmark transaction.”
Gainesville Regional Utilities will buy power from the project through a 30-year contract. Construction commenced in March, and when completed in late 2013, it is expected to generate enough power for 70,000 homes. The equity funding was provided by Energy Management, Inc., BayCorp Holdings Ltd., Tyr Energy Inc., and some principals of Fagen, Inc., the contractor of the facility.
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm which has been providing innovative legal solutions to clients throughout the world for more than 140 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, 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, sectoral expertise and a strong tradition of innovation and client service.