Chadbourne Represents Lenders on Financing of the 151 MW Grant Wind Project in Oklahoma

Business September 9, 2015

Chadbourne & Parke LLP represented the lenders in a US$216 million construction loan and letter of credit facility for the 151 MW Grant Wind Project in Oklahoma.

BayernLB acted as joint lead arranger, coordinating mandated lead arranger and bookrunner for the credit facilities. BayernLB also acted as the administrative agent, collateral agent and letter of credit issuing bank. KeyBank National Association and Siemens Financial Services acted as joint lead arrangers.

A subsidiary of Southern Power Company has agreed to acquire the Grant Wind Project at completion.

Located in Grant County, Oklahoma, the Grant Wind Project is expected to utilize 66 wind turbines manufactured by Siemens and be capable of generating enough electricity to power approximately 50,000 average US homes. The project sponsor, Apex Clean Energy, has estimated that the project will generate about US$500,000 per year on average in tax revenues for local counties and school districts, US$1 million per year on average in royalty payments to local landowners, 100 local jobs during construction, and about eight long-term jobs throughout operation.

The Chadbourne team was led by Benjamin Koenigsberg, and included Raquel Bierzwinsky, Robert Shapiro, Scott Bank, Susan Cowell, Elizabeth Miller, Marwan Azzi, Christine Brozynski, Chadron Edwards, Lee Gordon, Michael Masri, William Nicholson, Matthew Shellenhamer, Richard Waddington, Margaret Weil and Thomas Scott.

Chadbourne recently ranked as the top global legal adviser for project finance transactions in the first-half of 2015 (H1 2015), according to research prepared by IJGlobal. The firm handled US$35.997 billion in transactions, more than US$10 billion ahead of the second-ranked firm. In addition to the global ranking, Chadbourne ranked first among North America legal advisers with US$26.338 billion in transactions.

About Chadbourne & Parke
 
For more than a century, Chadbourne & Parke has counseled innovators around the world. We are a full-service law firm that leverages the extraordinary talent from our 11 international offices to offer the highest caliber client service in more than 80 countries on six continents. Today, we are recognized internationally for our groundbreaking work in emerging economies and our deep experience in energy and infrastructure, corporate and finance transactions, international disputes, and bankruptcy and financial restructuring.