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National law firm Stroock & Stroock & Lavan LLP represented IIF Coastal Winds, an investment vehicle formed by an infrastructure fund, which acquired Class C interests (Cash Equity) in Coastal States Wind Holdings LLC. Coastal States will own three wind farm projects being developed by Invenergy Wind North America LLC (IWNA): the Sheldon Project, a 112.5 megawatts (MW) wind-powered generation facility in Wyoming County, New York; the Turkey Track Project, a 169.5 MW wind-powered generation facility located in Texas; and the Willow Creek Project, a 72 MW wind powered electric generating facility located in Oregon.

As is common in Wind Power investments, there was a Tax Equity tranche as well.  Class A equity in the transaction was provided by JPM Capital Corporation, Wells Fargo Wind Holdings LLC and Bankers Commercial Corporation.  Additional cash equity was provided by IWNA.  The financing includes construction loans underwritten by the New York branch of Bayerische Hypo- und Vereinsbank AG.

The transaction is expected to fund in three tranches as the projects are completed and they commence operations.

Stroock attorneys that advised on this matter include:

Partners: Richard Madris (Corporate), Jeff Uffner (Tax), Mark Wintner (ERISA); Associates: Brian Greene (Corporate), Danielle Motelow (ERISA).