First Wind has closed financing for its 148 MW Oakfield Wind project, located in Aroostook County, Maine. With financing in place, the developer says it will continue on schedule with construction and expects commercial operations in the fourth quarter of 2015.
The financing package for the combined wind farm and generator lead, with a total construction cost of approximately $369 million, includes a $237 million construction loan and $132 million of equity contribution. KeyBank National Association served as the joint lead arranger and administrative agent on the construction loan.
Vestas will supply 48 V-112 turbines with a capacity of 3.075 MW each to the Maine project. Construction commenced in late 2013, and First Wind says the Oakfield project will qualify for the federal wind energy investment tax credit. The project's power will be sold to customers of four Massachusetts utilities as part of a 15-year contract.
The developer says that, once complete, Oakfield Wind will increase the total capital expenditures made by First Wind for wind projects sited in Maine to over $1.25 billion. First Wind currently has five operational wind projects in the state, including the 42 MW Mars Hill Wind project, the 83 MW Stetson Wind I and II projects, the 60 MW Rollins Wind project, and the 34 MW Bull Hill Wind project.
In addition, First Wind has three wind projects in advanced development, including the 51 MW Hancock Wind project, the 48 MW Bowers Wind project and the 186 MW Bingham Wind project.