First Wind's Milford II Expansion Project Celebrates Milestones

The residents and stakeholders of the Milford II expansion project are celebrating this week as construction on the project charges into high gear.

The expansion will add another 68 GE 1.5-MW turbines.  This second phase of the project began in July and foundations were poured in October.

First Wind, the developer of the 102-MW wind power project, held a ceremony this week in which local and community leaders and the company came together at the site to recognize the economic and environmental benefits of the project along with the significance of recent project milestones that include a long-term power purchase agreement (PPA) and construction financing, both of which were critical in spurring the current construction activity.

Last month, the developer signed a PPA with Southern California Public Power Authority (SCPPA) to supply the cities of Los Angeles and Glendale with renewable energy. In addition to the PPA, First Wind recently secured financing for the project. RBS Securities Inc. was lead arranger and bookrunner for this loan and the following banks acted as joint lead arrangers for the financing: Banco Espirito Santo S.A. New York Branch, Santander Investment Securities Inc., CoBank, ACB, and SG Americas Securities, LLC.

The construction will be a source of revenue and new jobs to the surrounding area. For example, the 204 MW Milford I project, which went online in November 2009, supported more than 300 development and construction jobs, according to the company, and First Wind directly spent about $30 million with Utah-based businesses developing and building the first phase of the project and another $50 million in statewide spending on items such as wages, taxes and more, it said.

The First Wind Milford I Wind Project was the winner of the Reader’s Choice Excellence in Renewable Energy Award last year.  For more on the project, watch the video below.  To learn more about the Excellence in Renewable Energy Awards or to submit a nomination for a project, click here.

 

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