Staff Writer
First Wind, an independent developer and operator of wind power in the United States, recently announced that it has closed two financing transactions for a total of $191 million. The first is an eight-and-a-half-year $115 million term loan from Alberta Investment Management Corporation (AIMCo). The second, is a $76 million one-year loan with HSH Nordbank for First Wind’s Stetson project. According to a company press release, proceeds from the financing transactions will be used to further First Wind’s development activity and for general corporate purposes.
“These investments in First Wind, in the midst of very difficult financing markets, show confidence in First Wind’s ability to continue to develop, build and operate wind farms in our target markets,” said First Wind CEO Paul Gaynor. “It also shows that AIMCo and HSH Nordbank are committed to making major investments in clean, renewable energy.”
AIMCo officials see their agreement with First Wind as an investment in the future.
“We are impressed by the First Wind team and their ability to deliver value on their portfolio of operating and growth wind assets,” said Ben Hawkins, principal, infrastructure investments for AIMCo. “We believe this financing will allow First Wind to continue to exercise on its growth plans and create value in this exciting sector.
First Wind, based in Newton, Mass., currently has five operating wind projects totaling 274 megawatts (MW) in three states: two in Maine, located near Danforth and on Mars Hill Mountain; two in New York; and one in Hawaii. It also has a 200 MW project under construction in Utah.
First Wind’s Stetson Mountain project commenced operating in January 2009. It is currently the largest operating wind farm in New England. It consists of 38 GE 1.5 MW turbines outside the town limits of Danforth. First Wind has received permits to begin a 25.5 MW expansion of the Stetson project. The Mars Hill project marked its second anniversary in March 2009, with the 28 turbines generating up to 42 MW of electricity. The company is the leading independent wind power developer backed by affiliates of the D.E. Shaw group and Madison Dearborn Partners.
An independent North American wind energy company, First Wind has been focused exclusively on the development, ownership and operation of wind energy projects since 2002. For more information on First Wind, visit www.firstwind.com or follow the company on Twitter @firstwind.
