Dec 8 2010
First Wind, a wind energy company based in the US, has confirmed that $98 million has been obtained from the Key Bank National Association (KeyBank) and Norddeutsche Landesbank Girozentrale for financing its 60 MW Rollins Wind Project, located in Penobscot County in Maine.
The company secured a $17 million Letter of Credit and a $81 million non-recourse construction loan. A tax equity finance contract has also been signed between JPM Capital and a subsidiary company of First Wind, wherein JPM would supply the necessary capital for the project.
According to First Wind’s CEO Paul Gaynor, securing the necessary finance was very significant to the development of the project, proving the viability and the feasibility of the wind project in the Maine region. He remarked that the company was appreciative of the commitment shown by their financial partners. This project would provide clean energy for businesses and residents in Maine along with increased job opportunities all due to the construction activities. The company has also obtained finance for its 68 turbine project in Milford, Utah, amounting to $247 million and an amount of $12 million for a steel wind project in Lackawanna in New York.
Key Banc Capital Markets’ Energy Group’s Head and Managing Director, Andy Redinger stated that they were delighted to assist First Wind by looking after the finance portion of the operation. Approximately 200 jobs would be created providing noteworthy revenue to the nearby four local communities. The project is expected to be operational by 2011.
The Rollins Wind Project has received approval from the Maine Department of Environmental Protection (DEP) and the Board of Environmental Protection (BEP) in 2009, along with the Maine Public Utilities Commission’s approval for a 20 year contract for supplying clean energy produced in the facility to the consumers in Maine.