Milbank represented Deutsche Bank as sole bookrunner and joint lead arranger and the commercial bank lenders in connection with the $804 million greenfield project financing for the Edwards Sanborn Solar and Storage Facility in Kern County, California. When completed, the facility is expected to be the world's largest integrated solar-powered battery storage project.
The transaction financed the development, construction, and operation of a combined solar energy generation and battery storage project with an approximately 345 MW solar capacity and 1,493 MWh of battery storage located on the Edwards Air Force Base and other land in Kern County, California. The project is being developed by Terra-Gen LLC.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner Daniel J. Michalchuk with special counsel Richard Hillman and associates Tim Fitzpatrick, Kyle Smit, Benjamin Heller, David Waserstein, Martin Lockman and Chloe Kim, along with Tax partner Drew Batkin.
Mr. Michalchuk noted, “Milbank is very pleased to have supported the construction of the world’s largest standalone solar and energy storage project. This transaction underscores Milbank’s strength in the renewable energy sector, and we are proud to continue to be part of the ever-growing energy transition and sustainable energy market.”
