Milbank LLP represented Forbright Bank, as arranger and lender, and Generate Lending, LLC and Banco Popular de Puerto Rico as lenders in connection with the financing of the Horizon Project, a 10 MWac / 15 MWdc solar power plant located in the Municipality of Salinas, Puerto Rico, and the Oriana Project, a 45 MWac / 58 MWdc solar power plant located in the Municipality of Isabela, Puerto Rico.
The Oriana Project and the Horizon Project are owned and operated by Infinigen Puerto Rico Holdings, LLC, which is owned by ArcLight Energy Partners Fund VII, L.P., and are contracted under long-term power purchase agreements with the Puerto Rico Electric Power Authority. This marks one of the first project financings to take place in Puerto Rico in recent years. The proceeds of this financing will go towards allowing Infinigen to continue to grow its renewable platform in Puerto Rico.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Dan Michalchuk, with support from associates Daniel Rios Zertuche, Sonia Lopez and Chelsea Minuche.
Mr. Michalchuk noted, “We are pleased to have played a part in this important financing, which will continue to support and build Puerto Rico’s power and renewable energy infrastructure.”
Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources, transportation and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital. This past year, Milbank was named the “Global Legal Advisor of the Year” by IJGlobal.
