In its latest large-scale IPP financing, Milbank, Tweed, Hadley & McCloy LLP represented BNP Paribas and Crédit Agricole in connection with the project financing for the construction and operation of the Oregon Clean Energy Center (“OCEC”), an 869 MW natural gas-fired, combined-cycle power generation facility in northwestern Ohio.
Eric Silverman, partner in Milbank’s Global Energy & Projects, practice led the Milbank team. Other Milbank lawyers on the team were Mark Regante, Bruce Gardner, Danielle Hunt and Greg Slovick. The financing closed on November 14.
Energy Investors Funds, an energy-focused private equity firm, co-developed OCEC and owns approximately 50% of the equity interests. I Squared Capital acquired its 50% stake in the project at financial closing through its ISQ Global Infrastructure Fund. OCEC will incorporate high efficiency, low emissions technology from Siemens and is expected to commence commercial operation by July 2017.
Mr. Silverman said, “We’re delighted to participate in this important greenfield project, which is expected to fill a large energy gap in the PJM wholesale energy market, especially as older coal-burning plants are phased out. Project financing enables this vital project to move forward, taking advantage of the new abundance of natural gas in the US and doing its part to serve the world’s largest wholesale electricity market.”
Mr. Silverman’s practice focuses on project development and financing of major energy and infrastructure projects in the US and overseas. He represents multinationals, project sponsors/developers, financiers, and investors in large-scale energy and infrastructure projects.
About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for more than 145 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, sectorial expertise and a strong tradition of innovation and client service.
