Milbank LLP represented the lenders in connection with a construction warehouse facility to Sol Systems, an independent power producer based in Washington, DC. The financing - which closed the same week as the One Big, Beautiful Bill was signed into law - will be used to build Sol System’s upcoming portfolio of utility-scale solar and storage projects across the United States.
The syndicate of lenders, arranged with the support of KKR Capital Markets as structuring and placement agent, included Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, ING Capital LLC, Intesa San Paolo SPA, New York Branch, National Australia Bank Limited, National Westminster Bank PLC and Natixis, New York Branch.
“This $675 million facility reflects the continued strength of the green lending market and the confidence leading financial institutions have lending in this space,” said Dan Bartfeld, chair of Milbank’s Global Project, Energy and Infrastructure Finance Group. “It’s also another example of the depth of our project finance capabilities and our ability to structure complex, high-impact financings that support the growth of clean energy infrastructure.”
“We’re proud to represent the lenders in this finance facility which will help Sol Systems reliably and quickly deliver clean energy projects across the US and underscores the importance of clean energy in the country,” said Sean O’Neill, partner in Milbank’s Global Project, Energy and Infrastructure Finance Group.
The Milbank team was led by Mr. Bartfeld and Mr. O’Neill with support from Global Project, Energy and Infrastructure Finance Group special counsel Séverine Losembe and associates Tracy Lindsay, Kate Richardson, Garam Lee and Joseph Folds.
Milbank is one of the most active law firms advising on complex, high-value transactions in the energy and infrastructure space. In the past 12 months, Milbank has had the lead role in over 150 energy transition transactions amid rising demand for resilient and sustainable energy solutions.
