UPC Wind Gets $44 M for Utility-Scale Wind Farm in New England

UPC Wind has secured equity financing totaling approximately $44 million from JPMorgan Capital Corporation and WFC Holdings Corporation (affiliates of JPMorgan Chase & Co. and Wells Fargo, respectively), which will be applied to reduce project debt associated with the Mars Hill Wind Farm in Maine.

“The Mars Hill Wind Farm is New England’s first utility-scale wind project. This innovative, well-sited project attracted highly reputable equity partners in JPMorgan and Wells Fargo, which underscores the stability and long-term health of our Mars Hill Wind Farm,” said Paul Gaynor, President and CEO of UPC Wind. “This investment is also significant as it demonstrates the financial community’s serious commitment to developing and funding renewable sources of electricity generation.” The Mars Hill Wind Farm began construction in the first quarter of 2006 and achieved full commercial operations on March 26, 2007. Today, Mars Hill supplies approximately 42 megawatts of clean wind-generated power.
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