Milbank LLP advised Broad Reach Power in connection with the $160 million financing for a portfolio of battery storage projects located in the US. The portfolio, totaling 390 MWh, consists of 17 total operating battery energy storage systems in Texas and one in California. Broad Reach Power is the leading utility-scale battery storage platform and owns a 21 GW portfolio of utility-scale battery storage and renewable power projects across the US.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partners Dan Michalchuk and Richard Hillman, with support from associates Micaela McLean, Anya Andreeva, Pierre-Philippe Turnbull and Upasana Guha Niyogi and Alternative Investments Practice special counsel Elizabeth Martinez.
Mr. Michalchuk noted, “We appreciate the opportunity to advise Broad Reach Power on one of the largest and most prominent project financings of a utility-scale battery storage portfolio in the market today. This transaction underscores our team’s strength in emerging areas of the renewable energy sector.”
Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources, transportation and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital. This past year, Milbank was named the “Global Legal Advisor of the Year” by IJGlobal.
