The new facility, equipped with GE’s technology, will produce enough electricity to power approximately one million homes in the Hudson Valley, NY
Milbank, Tweed, Hadley & McCloy LLP advised NongHyup Financial Group (under the direction of the National Agricultural Cooperative Federation of Korea) in its equity investment in and debt financing for the construction of the Cricket Valley Energy Center, a fully-permitted approximately 1,100-MW combined-cycle natural gas electric facility located in Dover, New York.
Cricket Valley Energy Center is strategically located adjacent to the Iroquois natural gas pipeline and will sell energy, capacity, and ancillary services to the New York Independent System Operator (NYISO) energy market with interconnection through Con Edison’s nearby 345 kV transmission line. The facility will use General Electric gas power equipment to produce enough electricity to power approximately one million homes in the Hudson Valley.
The equity investment and debt financing from NongHyup Financial Group, together with the debt and equity financing from other investors and financial institutions, will total $1.584 billion.
The Milbank team was led by Global Corporate partner John Franchini and Global Project, Energy and Infrastructure Finance partner Dan Michalchuk with associates Broderick Henry, Daniel Tyrrell and Michael Evry.
Mr. Franchini commented: “We’re delighted to work with NongHyup Financial Group, Advanced Power and the rest of the debt and equity participants to provide financing to construct this state-of-the-art electric generating facility.”
“Milbank is very pleased to be part of the Cricket Valley project, where many sources of capital were brought together to close another successful transaction in the NYISO energy market,” added Mr. Michalchuk.
