Boston, United States [RenewableEnergyWorld.com] First Wind, has secured a non-recourse term loan from HSH Nordbank AG and NORD/LB for its 125-megawatt (MW) Cohocton Wind power project in Cohocton, New York. This is the first non-recourse term loan extended for a project utilizing wind turbines produced by Clipper Windpower. The amount of the loan was not disclosed.
First Wind has installed 50 of the 2.5-MW Clipper Liberty turbines at the Cohocton project, which began generating commercial electricity in January 2009. The company is selling wind-generated power directly into the New York State power grid. Proceeds from the non-recourse term loan from HSH will be used to pay the costs associated with the procurement and installation of the 50 Clipper turbines operating in Cohocton.
“We are pleased to have secured this financing facility, particularly at a time when lenders are carefully evaluating how best to deploy their capital,” said Tim Rosenzweig, First Wind’s senior vice president of Finance. “The loan enhances our financial flexibility to continue our work toward meeting the need for clean, renewable energy sources in North America. We thank HSH Nordbank and NORD/LB for their support and for making this important commitment to clean energy.”