A Milbank, Tweed, Hadley & McCloy LLP deal team led by Project Finance partner Bill Bice and Corporate partner John Franchini advised ArcLight Capital Partners, one of the leading private equity firms focused on North American and Western European energy assets, on completion of a transaction with affiliates of Tenaska Capital Management, whereby Eastern Generation acquired a natural gas and dual-fired portfolio consisting of seven power generation plants totaling 4.8 GW.
Eastern Generation, LLC is a newly formed portfolio company controlled by ArcLight Energy Partners Fund VI, L.P. and its portfolio includes (i) three natural gas and dual-fired generating facilities located within the NYISO Zone J power market (Astoria, a 954 MW facility located in Queens, NY, Gowanus, a 631 MW facility located in Brooklyn, NY, and Narrows, a 322 MW facility also located in Brooklyn, NY) and the US Power Generating Company (“USPG”) asset management and operations platform, (ii) New Covert, a 1,100 MW highly efficient combined cycle natural gas-fired power generation facility located near Covert, MI which is expected to be interconnected to PJM through a dedicated transmission line in June 2016 and (iii) three natural gas-fired power generation facilities located in the PJM power market (Rolling Hills, a 850 MW facility located in Wilkesville, OH, Lincoln, a 656 MW facility located in Manhattan, IL, and Crete, a 328 MW facility located in Crete, IL.)
In addition to Mr. Bice and Mr. Franchini, the Milbank team advising ArcLight included Corporate associates Andrew Everett II and Kevin Begley, Project Finance associates Jared Joyce-Schleimer and Brandon Cook, Benefits and Compensation partner Joel Krasnow and associate James Beebe, Tax associate Max Goodman, Antitrust partner Fiona Schaeffer and regulatory advisor James Liles.
