Leading a push by tech giants to diminish their carbon footprint, Google partners with leading private equity investor KKR on the financing; six solar plants expected to be on line by January 2014
NEW YORK/LOS ANGELES (Nov. 19, 2013) – In its latest high-profile deal in the renewable energy sector, Milbank, Tweed, Hadley & McCloy LLP has represented Google Inc. in its $80 million equity investment in six solar-power plants – five in California and one in Arizona – that are expected to come on line in January 2014. Google partnered with leading private equity investor KKR & Co. L.P. on the project, which is scheduled to generate enough electricity to power 17,000 homes.
The Milbank team was co-led by Los Angeles-based Project Finance partner Karen Wong and Mark Regante of the firm's Tax group in New York, assisted by Of Counsel Michael Dayen and Leah Karlov, and associates Hao Huang and Kristine Wang.
The solar plants are being built by San Francisco-based Recurrent Energy, owned by Sharp Corporation of Japan, and have a total capacity of 106 megawatts.
Ms. Wong said, "We're very pleased to handle another major investment by Google demonstrating its commitment to green energy. The company has made more than a dozen investments in the renewable energy sector such as wind and solar."
Google has been a leading pioneer among larger tech companies such as Facebook, Microsoft, and Apple, which are now buying or investing in green energy plants as a way to reduce their carbon footprints. "We are excited to partner again with KKR and Recurrent Energy in our investment in the portfolio of solar projects and successfully execute it with the assistance and coordination from the Milbank team," said Yana Kravtsova, Legal Head of Renewables at Google.
Milbank has represented Google in a number of renewables investments within the past several years.
"Google continues to lead the way for the technology industry and corporate America in advancing a sustainability model for its business, and we are thrilled to have advised on yet another substantial investment by the company in the renewable space," said Milbank's Mr. Regante. "Added to its previous commitments to solar and wind power, the latest investments in California and Arizona enhance its reputation as a leader in green business."
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for more than 145 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC. The Firm's lawyers provide a full range of legal services to the world's leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank's lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank's integrated practice is underpinned by its attorneys' acknowledged technical excellence, sectorial expertise and a strong tradition of innovation and client service.
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