17 02 2016

Terra Nova acquires 33% stake in 336 MW DC solar portfolio from Dominion for $117 million

SunEdison has completed the second phase of its transaction to acquire a 33 percent ownership interest in a 567 megawatt DC solar portfolio from Dominion.


At the same time, Terra Nova Renewable Partners, the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, acquired SunEdison’s interest in the transaction from SunEdison for the same price.
Terra Nova now owns the 33 percent interest in Dominion’s 567 megawatt DC portfolio of solar power plants acquired through the consummation of both phases of the transaction.
Terra Nova, through an indirect subsidiary, has the option to buy the remaining 67 percent of the portfolio when certain trigger events occur. The 567 megawatt solar portfolio consists of 24 projects which are located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah. This second phase of the transaction is for nine of those projects. The solar portfolio’s total power output has been contracted with industry leading utilities and power offtakers and has a weighted remaining contract term of 19.8 years. KeyBanc Capital Markets and Santander Bank served as advisors to SunEdison. CohnReznick Capital Markets served as financial advisor and Milbank, Tweed, Hadley & McCloy LLP served as legal advisor to J.P. Morgan Asset Management. Milbank, Tweed, Hadley & McCloy advised J.P. Morgan Asset Management on the transaction with a team led by by Corporate partner John Franchini (picture) and Project Finance partner Timothy Wendling, assisted by 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. Involved fees earner: John Franchini - Milbank; Aaron Stine - Milbank; Monica Arduini - Milbank; Michael Schmale - Milbank; Timothy Wendling - Milbank; Kristine Wang - Milbank; Ryan Hart - Milbank; Mark Regante - Milbank; Drew Batkin - Milbank;

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