Massachusetts, United States [RenewableEnergyWorld.com] First Wind has closed two financing transactions for a total of US $191 million. The first is an eight-and-a-half-year $115 million term loan facility from Alberta Investment Management Corporation (AIMCo). The second is a $76 million one-year loan with HSH Nordbank to be used for First Wind’s Stetson project.
The Stetson project commenced operations in January 2009. It is currently the largest operating wind farm in New England. It consists of 38 GE 1.5-megawatt (MW) turbines outside of Danforth, Maine. First Wind has received permits to begin a 25.5 MW expansion of the Stetson project.
Proceeds from the financing transactions with both AIMCo and HSH Nordbank will be used to further the company’s development activity and for general corporate purposes.
“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 for infrastructure investments at AIMCo. “We believe this financing will allow First Wind to continue to exercise on its growth plans and create value in this exciting sector.”
