NEW YORK, August 18, 2011 – International law firm Milbank, Tweed, Hadley & McCloy, LLP, led by Global Corporate partner John Franchini, Global Corporate associate Rachel Fink, and Project Finance partner William Bice, represented Strategic Value Partners, LLC, a leading global investment firm, on behalf of certain funds (“collectively SVP”), to sell SVP’s 100% equity interest in Liberty Electric Generation Holdings, LLC (“Liberty Electric”) to an affiliate of Energy Capital Partners (“ECP”), a private equity firm focused on North American energy infrastructure. Liberty Electric owns a 575-megawatt natural gas-fired, combined-cycle power generation facility located in Eddystone, Pennsylvania. The sale is expected to close in the third quarter 2011.
“This sale further demonstrates increased activity in the marketplace for strong power generation assets,” said Mr. Franchini. Mr. Bice further commented, “This transaction underscores the strength of Liberty Electric’s current value in the marketplace.”
Additional Milbank attorneys involved in this transaction include Tax partner Russell Kestenbaum and associates Roxana Azizi, Alison Fraser and Alfred Wang.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm 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 our 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.