SunEdison – J.P. Morgan Asset Management partnership, called Terra Nova Renewable Partners, acquires the Bingham and Oakfield wind farm assets with a combined enterprise value of $787 million
In its latest major transaction in the renewable sector, a Milbank, Tweed, Hadley & McCloy LLP deal team led by corporate partner John Franchini and project finance partner Timothy Wendling advised institutional investors advised by J.P. Morgan Asset Management – Global Real Assets in its acquisition in partnership with SunEdison of 333 megawatts of wind-power assets with a combined enterprise value of $787 million, as detailed in the press release issued by SunEdison. Terra Nova Renewable Partners is the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. Under the partnership, initially announced in September 2015, J.P.
Morgan’s institutional investors are intending to provide equity to purchase renewable energy projects developed or purchased by SunEdison. The two acquired projects are the 185 megawatt Bingham wind farm and 148 megawatt Oakfield wind farm, both located in Maine. Construction on Oakfield Wind was completed this fall and it is now online and operating as the largest wind project in New England.
In addition to Mr. Franchini and Mr. Wendling, the Milbank team advising J.P. Morgan Asset Management in their investment included tax partner Mark Regante, tax special counsel Drew Batkin, corporate senior associate Aaron Stine, corporate associates Monica Arduini and Michael Schmale, and project finance associates Kristine Wang and Ryan Hart.
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“We are pleased to have worked once again with a world-class infrastructure fund investor and a leading renewable energy development company in bringing together the necessary financing to advance, among others, the largest wind power project in New England,” said Milbank partner John Franchini.
Both announced earlier this year – the Milbank team previously advised on market leading renewable deals, including: advising Macquarie Capital and John Hancock as lead equity investors in TerraForm Private, a $525 million warehouse facility created by SunEdison, which holds 521 megawatts of wind power assets located in Oklahoma and Idaho; and representing Energy Capital Partners in the acquisition of Terra-Gen, LLC, one of the largest renewable energy businesses in the country owning more than 20 wind, solar and geothermal power generation assets across the U.S.