Newton, Mass.-based First Wind has closed two financing transactions for a total of $191 million. The first is an eight-and-a-half-year $115 million term loan facility from Alberta Investment Management Corp. (AIMCo).
The second is a $76 million one-year loan with HSH Nordbank for First Wind's Stetson project in Maine. Proceeds from the financing transactions will be used to further First Wind's development activity and for general corporate purposes.
‘These investments in First Wind in the midst of very difficult financing markets show confidence in First Wind's ability to continue to develop, build and operate wind farms in our target markets,’ says First Wind CEO Paul Gaynor. ‘It also shows that AIMCo and HSH Nordbank are committed to making major investments in clean, renewable energy.’
First Wind currently has five operating wind projects totaling 274 MW in three states.
SOURCE: First Wind