First Wind Obtains Tax Equity Financing for Steel Winds Project

First Wind announced that Lehman Brothers Holdings Inc. has funded a tax equity investment in the 20 megawatt (MW) Steel Winds wind power project operating in Lackawanna, New York.

This project was built with the first eight 2.5-MW Clipper Liberty turbines produced at Clipper’s Cedar Rapids facility.

“We’re pleased to close and fund this tax equity financing of Clipper turbines with one of the world’s top investment banks,” said Tim Rosenzweig, First Wind’s senior vice president of finance. “The Lehman Brothers financing follows the successful turbine supply and construction loans for Clipper equipment we closed with HSH Nordbank and Nord LB last year.”

The project, which was originally developed by UPC Wind (now First Wind) and Clipper, began full commercial operations in June, 2007. The project is sited on a former industrial site along the shores of Lake Erie just south of Buffalo, New York. It was built on a 30-acre portion of the former Bethlehem Steel facility, which was returned to productive use under the New York Department of Environmental Conservation Brownfield Cleanup Program.

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