in News Departments > Projects & Contracts
print the content item

International law firm Milbank, Tweed, Hadley & McCloy LLP represented the joint lead arrangers - Fortis Capital Corp. and Banco Bilbao Vizcaya Argentaria SA - in the construction and term financing of the 100 MW Phase II Mount Storm wind project. 

Developed by affiliates of Dominion Resources Inc. and Shell WindEnergy Inc., the two-phase West Virginia project is being constructed on the Allegheny Front in Grant County. Both phases of the projects are expected to have a capacity of 264 MW.

Milbank represented the same joint lead arrangers in the closing and syndication of the $185 million construction and term financing of the 164 MW Phase I of the wind project.

"The global financial crisis posed formidable challenges to completing the transaction, as credit committees of the banks participating in the financing demanded additional comfort before agreeing to lend," says Edward V. Kayukov, project finance partner. "The credit crisis, coupled with the dearth of tax equity, will continue to pose significant difficulties for the renewable energy sector in the coming months."

SOURCE: Milbank, Tweed, Hadley & McCloy LLP


Trachte Inc._id1770
Latest Top Stories

Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.

Canwea_id1984
Renewable NRG_id1934
Future Energy_id2008
UnitedEquip_id1995