FOR IMMEDIATE RELEASE
Terra Nova now owns 33 percent of Dominion’s 567 megawatt DC solar portfolio, covering 24 projects in 6 states
In the second and final phase of a transaction announced in September 2015, Milbank, Tweed, Hadley & McCloy LLP acted as counsel to institutional investors advised by J.P. Morgan Asset Management – Global Real Assets in Terra Nova Renewable Partners’ acquisition of 33 percent of Dominion’s remaining 231 megawatt DC portfolio of solar plants, for $117 million.
Terra Nova is a strategic equity partnership between institutional investors advised by J.P. Morgan Asset Management – Global Real Assets and SunEdison, Inc., the largest global renewable energy development company. Under the partnership, institutional investors advised by J.P. Morgan Asset Management – Global Real Assets have funded, and are expected to continue to provide, equity to purchase renewable energy projects developed or acquired by SunEdison. Terms of the partnership and details of the latest Terra Nova acquisition can be found in the SunEdison release on the deal.
As in the first phase of the Dominion transaction, completed at the end of December 2015, the Milbank deal team was led by Corporate partner John Franchini and Project Finance partner Timothy Wendling.
The first phase saw Terra Nova acquire a 33 percent stake in 15 solar projects with a total capacity of 336 megawatts DC. The entire solar portfolio comprises 24 projects, with a total capacity of 567 megawatts DC, located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah.
Mr. Franchini said: “We are very gratified to see this complex two-part acquisition through to its completion, working side-by-side with a world-class infrastructure fund investor and the standard-bearer for global renewable energy development. Milbank continues to exercise its capacity for handling multifaceted, customized transactions across the power and energy spectrum, including the ever-growing renewables sector.”
In addition to Mr. Franchini and Mr. Wendling, the Milbank team advising J.P. Morgan Asset Management – Global Real Assets included Tax partner Mark Regante and special counsel Drew Batkin, Corporate senior associate Aaron Stine and associates Monica Arduini and Michael Schmale, and Project Finance associates Kristine Wang and Ryan Hart.
To date, Milbank has advised on the acquisition of 633 megawatts AC of wind assets and 567 megawatts DC of solar assets by Terra Nova. About Milbank Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank’s lawyers collaborate across practices and offices to help the world’s leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.
