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 on this important investment in a key US 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 gas-fired power and renewable energy investments in the US in the coming years.”