THE FIRM Many of the world's biggest lenders turn to Milbank for its capabilities in project development and finance. The firm is a veteran of the projects world, having served ECAs, multilaterals, commercial lenders and overseas trading companies for decades in all manner of domestic and international transactions. With one of the largest teams of projects lawyers in the country, it has excelled in all sectors, including power, renewables, oil and gas, metal and mining, and transportation and social infrastructure. Out of the firm's New York and Washington, DC offices, the team handles development and financing as well as acquisitions and dispositions of conventional power assets. Clients particularly rate the breadth of the practice in terms of clients, industries and geographical locations. Milbank's large, interdisciplinary renewables team extends from the firm's East Coast offices to its base in Los Angeles. Working for sponsors as well as lenders, it has expertise in wind, solar, geothermal and other energy sources. Recent highlights include representing UniCredit, Dexia and Rabobank in the $208 million construction/term and equity bridge loan financing for the 90 MW Vantage Wind Project in Washington. With regards to oil and gas, the firm advises lenders and investors on midstream, downstream and oil and gas production infrastructure financing. In recent years, it has been particularly active in drill ship-related work. Milbank is also the firm of choice for major lenders involved in the mining sector. Recent highlights include serving as lenders' counsel in connection with the $1.04 billion financing of the Pueblo Viejo gold doré, silver doré and copper concentrate mining project in the Dominican Republic. In PPP, the firm acts for numerous lenders and sponsors in transportation and social infrastructure projects in the USA and Latin America.
Client Service "Milbank does a great job of staffing deals so that we have access to all the necessary resources."
KEY INDIVIDUALS Jonathan Green, cochair of Milbank's global project finance group, represents lenders and borrowers in a wide array of energy and infrastructure deals, both domestically and in Latin America. "He is a top-tier attorney – highly commercial and practical as well as extremely smart and knowledgeable about market precedent," said one source. This past year, he acted for the lenders in a $422 million eight-year senior secured credit facility for the Bayonne Energy Center, a 512 MW simple cycle dual fuel generating facility jointly sponsored by subsidiaries of ArcLight Capital Partners and Hess Corporation. Second cochair Eric Silverman has a similarly diverse lending practice. He works on conventional and renewable greenfield projects as well as acquisition and restructuring transactions for various multinational corporations and private equity funds. In the power arena, he recently represented Toyota Tsusho in its acquisition of a 45% stake in the 424 MW Oyster Creek natural gas-fired power plant in Freeport, Texas. William Bice specializes in independent power generation, including fossil fuel and renewable energy projects. He is, according to interviewees, "extremely strong in this field because, unlike many lawyers, he truly understands how a power plant works." He is further praised for being "able to lay out all potential options and quickly figure out the pros and cons of each so that we can make the best decision." Recently, he advised Milford Holdings on the sale of the Milford Power Project in Connecticut. Los Angeles-based Edward Kayukov is one of Milbank's leading renewables lawyers. Advising lenders and developers, he "provides invaluable insights into industry standards for terms and conditions." His practice has shifted toward the lender side of late, and he recently advised Union Bank and other lenders in the $161 million construction and term loan financing of the Cedro Hill wind project in Texas. He is also heavily involved in work connected to the DOE's loan guarantee program. Karen Wong also focuses on the development and financing of renewable energy projects, particularly those seeking funding from the DOE's loan guarantee program. "Wong has solid expertise in the negotiation and documentation process, and her calm, logical mind won us point after point," say sources. She regularly represents sponsors, tax equity investors and financial institutions, and is currently advising a proposed equity investor in connection with the $2.1 billion, 392 MW Ivanpah Solar Complex in California. Daniel Bartfeld has a wealth of experience in project finance, most especially in relation to oil and gas. He works primarily for lenders and investors on complex domestic and Latin America-based deals. Recently, he has been handling a large amount of drill ship-related work in Latin America for companies including Delba and Schahin. Clients rate Bartfeld for his "personable manner, solid deal experience, excellent commercial acumen, and ability to successfully close financings in a timely manner." Head of the Washington, DC office's project finance practice Jonathan Maizel is a generalist who works across the oil and gas, mining and power sectors. He represents lenders and sponsors and is noted for his industry knowledge. This past year, he has acted for CIT in the sale of its leveraged lease equity and debt in the Broad River and South Point power stations. In the oil and gas sphere, he represented all senior lenders in a $200 million bond issuance by Peru LNG. Allan Marks is Milbank's leading US PPP lawyer. Hugely experienced, Marks is "grounded in the real world and understands how issues are likely to play out rather than just how the contracts say they should." Recent engagements include representing the project sponsors as preferred proponents for the concession for the $1 billion Presidio Parkway project. He is also currently acting for the lenders in the proposed financing of the $300 million Long Beach Courthouse project. Richard Brach is a true star of the mining and metals industry. "No one even comes close to his level of experience, sheer brainpower and overall coherence," says one market commentator. Over the years, he has worked on virtually every major Latin America-based project, and recently represented the lenders and multilateral and export credit agencies in the $300 million financing for the development, construction and operation of the El Mirador open pit copper oxides mining project in Chile. Up-and-comer Carolina Walther-Meade is highly rated for her work in Latin America. "Patient and dedicated," she has advised developers, financial institutions, multilateral and export credit agencies and other lenders on mining, power and infrastructure deals. Daniel Michalchuk is a senior associate in the global project finance group whose experience spans oil and gas, conventional power and renewables. He is praised by market sources for his "pragmatic and practical approach to transactions."
Since publication, Richard Brach has retired from this practice.
Since publication, Richard Brach has retired from this practice.