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Milbank Advises Korean Investors on Acquisition of Stake in Linden Topco

Milbank, Tweed, Hadley & McCloy LLP
2018-08-31 00:04 1289

NEW YORK, Aug. 31, 2018 /PRNewswire/ -- Milbank, Tweed, Hadley & McCloy LLP represented Korean investors Hana Alternative Asset Management and Mirae Asset Daewoo in acquiring, along with Korean independent power producer GS EPS, a 10% equity stake in Linden Topco LLC, the indirect owner of a 972MW gas-fired combined-cycle cogeneration facility ( "Linden Cogen") in Linden, New Jersey. 

The sellers were funds managed by Ares EIF Management, LLC, Oaktree Capital Management, L.P. and their respective co-investors. 

Linden Cogen is a modern, environmentally efficient power plant electrically connected to both the nearby constrained New York City power market, also known as NYISO Zone J, and the PJM PS-North Zone. Linden Cogen also includes a 234 MW expansion project (Linden 7) under development. 

The Milbank team was led by Global Corporate partner John Franchini together with associates James Ebberson and Christopher Balch; Global Project, Energy and Infrastructure Finance partner Allan Marks together with regulatory advisor James Liles and associates Kristine Wang, Hannah Hyon, and Natalie Karl; and Tax partner Drew Batkin together with associate Jules Mugema. 

Mr. Franchini noted: "We're pleased to work with Hana and Mirae in this important investment in a key U.S. power asset, and are encouraged by the continued interest by sophisticated Korean-based investors in the US energy markets."

Mr. Marks said: "We look forward to continuing our work on behalf of Hana and Mirae as Korean investors embark on a partnership that will see more gasfired power and renewable energy investments in the US in the coming years."

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank's lawyers collaborate across practices and offices to help the world's leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives.  For more information please visit www.milbank.com.

From: Jocelyn De Carvalho, Public Relations Manager; 212-530-5509; jdecarvalho@milbank.com

Source: Milbank, Tweed, Hadley & McCloy LLP
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