Enron completes $36 million financing of wind farm project

Financing Represents Enron Wind’s expansion in the Texas wind energy market

LOS ANGELES, August 3, 2001 – The Los Angeles office of Milbank, Tweed, Hadley & McCloy LLP served as counsel to Enron Wind Corp. in the $36 million debt financing of “Indian Mesa”, a 25.5 MW wind farm project in Pecos County, Texas. Development and construction of the project is scheduled to be completed before the end of this year.

Edwin F. Feo, managing partner of Milbank’s Los Angeles office, and associate Wayne W. Song represented the company in the financing. Probyn and Company, Inc., an investment bank boutique, arranged for the financing provided by Canadian-based Clarica Life Insurance Company.

Canada’s McCarthy Tetrault represented Clarica and Probyn. The McCarthy Tetrault legal team consisted of partners David A.N. Lever and Michael Weizman, and associates Stephen Furlan and Jordan Bernamoff.

The City Public Service Board (the public utility of the city of San Antonio, Texas) will purchase electricity from Indian Mesa. A Texas law, enacted under then-governor Bush, mandates that Texas utilities purchase a certain amount of electricity from generators that use renewable energy sources such as wind.

Milbank is a global law firm headquartered in New York, with offices in Los Angeles, Washington, D.C., Palo Alto, London, Tokyo, Hong Kong and Singapore.

In addition to global project finance, Milbank is a participant in corporate finance and financial services law, transportation finance, and other major fields of legal practice.

The firm’s web site is www.milbank.com.

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