BP Colorado wind farm financing closes
Headline News
The financing closed for the construction of BP Plc's 301-megawatt Cedar Creek wind farm in Weld County, Colorado, the law firm representing the lenders said.
International law firm Milbank, Tweed, Hadley & McCloy LLP said in a release that Cedar Creek entered into a long-term supply agreement with Xcel Energy Inc.'s Public Service Co of Colorado for the sale of electricity from the project.
The law firm represented the lenders, Mizuho Financial Group Inc.'s (8411.T: Quote, NEWS , Research) Mizuho Corporate Bank Ltd., Bayerische Landesbank [BAYLB.UL] and HSH Nordbank AG [HSH.UL]. It did not reveal the amount of financing the lenders provided.
Cedar Creek is a venture between BP's BP Alternative Energy North America Inc. subsidiary and Australian investment firm Babcock & Brown's (BNB.AX: Quote, Profile , Research) Babcock & Brown Operating Partners LP.
BP said in a release earlier this month it expected part of the project would to start operating in the second half of 2007.
Once completed, the Cedar Creek project, which is under construction, will have 274 turbines and generate about 301 MW of power - enough to power 120,000 homes.
Separately, Milbank said the financing for the construction of Spanish wind energy company Gamesa's (GAM.MC: Quote, Profile , Research) 80 MW Allegheny Ridge wind farm in Pennsylvania.
Milbank said it represented the lenders Mizuho and HSH Nordbank AG on the Allegheny project.
Gamesa entered into several long-term supply agreements with FirstEnergy Corp.'s (FE.N: Quote, Profile , Research) FirstEnergy Solutions Corp. subsidiary for the sale of electricity from the project.
The Allegheny Ridge project, expected to enter service in early 2007, will have 40 turbines rated at two megawatts each.
Related listings
-
Law Technology News Awards selects CT
Headline News 01/29/2007NEW YORK- Further demonstrating its commitment to addressing the legal profession’s top challenges, CT, part of Wolters Kluwer Corporate Legal Services, today announces several new enhancements to its Litigation Solutions offerings. And, as an indica...
-
ACLU urges court to hear case
Headline News 01/27/2007The American Civil Liberties Union is urging a federal appellate court to continue its challenge to the Bush administration's domestic spying program.The Bush administration appealed to the court after a federal judge in Detroit ruled the program was...
-
Top NY law firm boosting first-year pay
Headline News 01/23/2007[##_1L|1232376078.jpg|width="100" height="114" alt=""|_##]New York law firms may have to play catch up with Simpson Thacher & Bartlett, which just raised the annual base pay of first-year associates to $160,000 before bonus. The Manhattan firm's ...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.