A Milbank, Tweed, Hadley & McCloy LLP deal team led by corporate partner John Franchini and project finance partner Timothy Wendling has advised Macquarie Capital and John Hancock as lead equity investors in a warehouse facility created by SunEdison, Inc. (NYSE:SUNE). SunEdison has formed a $525 million warehouse facility, TerraForm Private Warehouse, which will hold 521 megawatts of wind power assets located in Oklahoma and Idaho that were purchased from Atlantic Power. TerraForm Private Warehouse will be operated by SunEdison, the world's largest renewable energy development company, while TerraForm Power (Nasdaq:TERP) will have an exclusive call right to the stored assets and expects to add them to its portfolio over time beginning with drop downs in the second half of 2016.
In addition to Mr. Franchini and Mr. Wendling, the Milbank team advising Macquarie and John Hancock in their investment included partner Mark Regante (tax); associates Kim Shah, Zach Gennett and Hao Huang; and regulatory advisor James Liles.
Morgan Stanley, Citi, and Goldman Sachs provided debt in the form of a seven-year term loan.
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