SunEdison has secured financing for and started construction on the Bingham Wind project in Maine. The 185 MW wind project is expected to be the largest in New England.
The financing for the combined wind farm and generator lead is for $360 million, and the total construction cost is $420 million. KeyBanc Capital Markets served as the joint lead arranger and KeyBank National Association acted as the administrative agent on the construction loan.
‘The Bingham wind farm is our largest wind project in Maine, and, once completed, should bring our total wind generation capacity in the state to 552 MW,’ says Paul Gaynor, SunEdison's executive vice president of the Americas and the Europe, Middle East and Africa region.
The electricity generated by this wind project will be sold to three local utilities in New England: Eversource, National Grid and Unitil. The wind energy will be purchased through separate 15-year power purchase agreements that were awarded in a competitive bidding process.