First Wind says it has obtained $236 million in financing for its 69 MW Kawailoa Wind project on Kamehameha Schools' Kawailoa Plantation lands on the north shore of Oahu, Hawaii.
A subsidiary of First Wind closed a $220 million nonrecourse construction and term loan and $16 million in letters of credit for the Kawailoa project. Union Bank served as administrative agent and joint lead arranger, and other joint lead arrangers included Bayern LB, Rabobank and Siemens Financial Services. CIBC and CoBank also participated in the financing.
According to First Wind, once the Kawailoa Wind project is complete, it will be the largest wind energy facility in Hawaii. The project's 30 2.3 MW Siemens wind turbines will have the capacity to generate enough wind energy to power the equivalent of approximately 14,500 homes on the island, or as much as 5% of Oahu's annual electricity demand, First Wind adds.
Early construction work on the project began in December 2011, and major construction work, including the delivery and erection of the wind turbines, is expected to commence this summer. The wind farm is expected to be completed by the end of the year.