The Lackawanna Energy Center will be equipped with GE’s latest technology
NEW YORK, December 30, 2016 – Milbank, Tweed, Hadley & McCloy LLP has advised major international lenders, comprising commercial banks, institutional lenders and Korean funds, on providing approximately US$1 billion in total loan amount for the development and construction of leading clean energy company Invenergy LLC’s Lackawanna Energy Center, located in Lackawanna County, Pennsylvania, in partnership with First Reserve.
Commercial lenders include: MUFG Union Bank, NA, GE Capital Financing, Inc., BNP Paribas, Commonwealth Bank of Australia, ING Capital, Société Générale, SMBC, and Wells Fargo. The fixed rate noteholders include: Prudential, Sun Life, Voya, CDPQ, CUNA. Korean investor Hana Financial Investment Co, Ltd. also participated.
A Milbank team led by Global Project, Energy and Infrastructure Finance partner Daniel Michalchuk, senior associate, Sara Thompson, and associates Simone King and Kathleen Chun acted as counsel to the financing parties.
“We’re pleased to advise the financial institutions on such a groundbreaking project involving multiple tranches of lenders, fixed rate noteholders and other investors to develop the newest power plant in the PJM area,” said Mr. Michalchuk.
Recognized across the Americas, Asia and Africa as a “top-tier” firm in the recently-published IFLR1000 Guide to Energy and Infrastructure, Milbank was singled out for its work in the areas of Energy, Infrastructure, Mining, Oil & Gas, Renewables and Transportation.
