Milbank LLP advised the lenders - including initial coordinating lead arrangers Mizuho Bank Ltd., MUFG Bank, Ltd., Crédit Agricole Corporate and Investment Bank, ING Capital LLC and Banco Santander, S.A., New York Branch - in connection with the financing of Stonepeak’s acquisition of a 50% interest in Dominion Energy, Inc.’s Coastal Virginia Offshore Wind project.
The 2.6-gigawatt Coastal Virginia Offshore Wind project is located 27 miles off the coast of Virginia Beach, Virginia and is currently the largest offshore wind farm under construction in the United States. Upon completion, Coastal Virginia Offshore Wind will consist of 176 turbines and three offshore substations in a nearly 113,000-acre lease area with capacity to power up to 660,000 homes.
The Milbank team advising on the financing was led by New York-based Global Project, Energy and Infrastructure Finance partner Dan Michalchuk with partner Ben Sayagh, special counsel Severine Losembe, associates Sarah Tonkin, Sarah Al Salem and John Bacchus, and law clerk Jacqueline Pasquel.
Mr. Michalchuk said, “We are proud to have played a role in one of the most significant offshore wind financings to have been closed thus far in the United States.”
