Milbank LLP is pleased to announce that it is further expanding into the AI ecosystem through the creation of a multidisciplinary Digital Infrastructure Practice Group to support clients throughout the AI value chain.
The team, which has the lead role in over $125 billion of digital-related transactions in 2025, will focus on the entire digital ecosystem, including GPUs/compute accelerators, data centers, fiber, towers and powered land (behind-the-meter, utility connected and other bespoke power solutions). The team includes market leading lawyers in the following spaces:
- Traditional development and construction financings (project finance and real estate)
- Structured financings throughout the capital stack (144A bonds, USPPs, asset level/mezzanine/holdco financings, preferred equity and ABS)
- M&A and joint venture transactions, including asset and corporate-level acquisitions and dispositions and structured equity joint venture financings
- IPOs
- Capital recycling through stabilized yieldco platforms
- Power solutions – M&A and financings
- Commercial contracts and regulatory expertise for digital
“Our energy, infrastructure, finance and real estate teams have established themselves as the leading legal advisors throughout the entire digital infrastructure value chain,” said Milbank Chairman Scott Edelman. “The launch of a formal practice dedicated to the digital ecosystem highlights our commitment to providing unparalleled service to our clients who are driving the AI revolution.”
The team, led by Milbank partners Dan Bartfeld, Erwin Dweck and Jaime Ramirez, consists of market-leading Milbank lawyers from the firm’s energy, infrastructure, projects, real estate, M&A, regulatory and structured finance teams. The cross-disciplinary nature of the practice will allow the team to represent the key players at every stage and sector – from developers to financial sponsors and private credit to power suppliers.
“Our lawyers have long been recognized as market leaders across every practice area critical to the AI-infrastructure build-out,” commented Dan Bartfeld, Executive Committee member and chair of the firm’s Global Project, Energy and Infrastructure Finance Group. “The formation of our Digital Infrastructure Practice Group reflects the depth of our experience structuring and executing large-scale, complex financings and M&A transactions at the intersection of energy, real estate and technology, and we are excited to continue advising clients on their most transformational matters.”
“The AI explosion underscores the necessity for advisors who can operate at the highest level at the intersection of real estate, technology and infrastructure,” said Erwin Dweck, Executive Committee member and practice group leader of Milbank’s Real Estate Group. “Our success to date is further bolstered by our seamless collaboration across practices and regions, and we look forward to continuing to lead in this rapidly evolving sector.”
In the last year alone, the cross-practice team has advised on the following deals, among others:
- Morgan Stanley on a groundbreaking $27 billion financing of a next-generation AI data center campus being developed by Meta Platforms — the largest single tranche issuance in history and one of the largest single-project financings in the AI infrastructure space
- Brookfield on its up to $5 billion strategic partnership with Bloom Energy — a transformational transaction for the future of AI infrastructure and Brookfield’s first investment in its dedicated AI infrastructure strategy; several multi-billion dollar single-tenant campuses
- Wren House in connection with the consortium acquisition of Aligned Data Centers — the largest-ever global data center M&A transaction to date
- UK-headquartered AI infrastructure provider Nscale on raising the largest Series B in European history, at $1.1 billion
- Switch on several landmark financings totaling over $9.5 billion
“There has been a tremendous amount of activity surrounding AI data centers and all related components,” said Global Project, Energy and Infrastructure Finance partner Jaime Ramirez. “It is important to us to formally establish a dedicated practice area that combines our vast experience to ensure a coordinated and comprehensive offering for our digital infrastructure clients.”
The Digital Infrastructure Practice Group will have a global footprint and will span our offices across the Americas, Europe and Asia. Our goal is to serve our clients in all major markets and to leverage our expertise in various product classes to help drive innovation in financing solutions. The intense capital requirements of the digital infrastructure space require creativity and scale, and this initiative is intended to harness the resources of the firm to power the next generation of AI-driven projects.
