Wind turbines installed in the U.S. have a current capacity exceeding 45,000 megawatts, according to the American Wind Energy Association. That capacity ranks second in the world to China. Illinois is among the leading states in wind energy production with 2,743 megawatts currently on line, according to the Illinois Wind Energy Association.
When BayernLB, acting as an agent for a group of project finance lenders, sought to finance the construction and operation of a renewable energy wind project in Illinois owned by Invenergy, they called on Ice Miller LLP's experience participating in complex transactions to serve as Illinois counsel.
The transaction included the installation of 133 wind turbines in Western Illinois. Ice Miller's attorneys reviewed in excess of 250 real estate and easement agreements and offered counsel in the review of title and surveys for the pertinent policies. In addition, the Firm worked jointly with lead counsel White & Case to review environmental permits, construction and installation agreements, financing agreement, mortgages and facility sharing agreement and provide tax advice as it related to enterprise zones and use tax issues.
Ice Miller used a team approach, involving attorneys from across a number of practice areas, including business, real estate, environmental, and tax, to help the bank group complete the financing and support a valuable renewable energy project.
The attorneys at Ice Miller remain "amped up" to continue to provide support to this ever-changing industry.