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Represented Bangor Savings Bank in its role as tax credit investor in a state and federal New Markets Tax Credit transaction providing financing for the renovation and modernization of the Millinocket Memorial Library, a private nonprofit that now operates the former public library.
We represented the Downeast Institute for Applied Marine Research & Education, a nonprofit in Beals, Maine, with the financing of its $6.7 million expansion, including a $5 million new markets tax credit financing. The expansion will add laboratory, office, housing, storage and conference space, as well as making improvements to the existing hatchery (used to grow soft shell clams and other commercially important bivalves to restock depleted resources).
We have served as outside general counsel to North Yarmouth Academy in matters involving employment, student affairs and governance. We have also assisted NYA with employment-based immigration work.
Represented NTE Energy, a power developer and energy services provider, in strategizing, structuring, negotiating, and documenting equity investments for three natural gas-fired power plants valued at more than $1.1 billion.
Pierce Atwood helped guide NTE Carolinas, an affiliate of NTE Energy, in its $605 million financing deal for construction and operation of Kings Mountain Energy Center, a 475 MW natural gas-fired electricity plant in City of Kings Mountain, North Carolina.
Represent NTE Energy in connection to its hybrid renewable biomass power generation projects. We have assisted with all aspects of development, financing and off-take agreement negotiations for projects in Florida, Tennessee, Alabama, Louisiana, Mississippi, Virginia, New Jersey, North Carolina, South Carolina, Ohio, Indiana and Washington.
We have represented a nuclear power plant in New Hampshire on multiple property tax valuation matters, as well as on obtaining pollution control exemptions.
We serve as general counsel to Ocean Renewable Power Company, LLC, a developer of tidal energy technology and projects. Our work includes successful applications for FERC and state environmental authorizations for product trials in Western Passage off the Maine coast, a program that is now implemented in Alaska and Canada.
We have assisted several clients with successful disclosures of their offshore accounts and financial assets under the IRS’ offshore voluntary disclosure and streamlined disclosure programs.
The Maine Legislature in 2011 passed a landmark bill (PL 90) aimed at reforming the failing individual health insurance market in Maine. The bill authorized establishment of a new non-governmental insurance company (the Maine Guaranteed Access Reinsurance Association, or “MGARA”) that would provide reinsurance to cover the sickest individuals historically responsible for the bulk of the health services used and corresponding costs, with the ultimate goal of reducing premiums in that market. The Board of Directors of MGARA retained Pierce Atwood to analyze the new groundbreaking law, form the new reinsurance company, guide its financing and other operations, and work with the Legislature and Bureau of Insurance through this complex process. MGARA began its operations in July 2012 as planned and is currently providing reinsurance for over 3,000 of Maine's sickest individuals. Pierce Atwood is proud to have served MGARA and the State in this important work.