First Wind Obtains Financing For Milford I Wind Project

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Newton, Mass.-based First Wind has obtained a $376 million financing for the first phase of its 203.5 MW Milford Wind Corridor project in Milford, Utah. The Royal Bank of Scotland PLC was lead arranger for this loan.

The following banks acted as joint lead arrangers for the financing: Banco Espirito Santo, Banco Santander, BNP Paribas, CoBank, HSH Nordbank, KeyBank, Societe Generale and Credit Suisse.

‘The commitment from these nine banks is evidence of both the strength of this project and the promise of the wind industry,’ says Paul Gaynor, CEO of First Wind.

The Milford Wind Project is expected to generate up to 203.5 MW of energy upon its completion. It will feature 97 wind turbines, including 58 2.5 MW Clipper Liberty wind turbines and 39 1.5 MW GE turbines. First Wind expects to complete construction of this project, which is being implemented by RMT Inc., by the end of the year. Once completed, it will be First Wind's largest project, according to the company.

First Wind has a 20-year power purchase agreement with the Southern California Public Power Authority, on behalf of the Los Angeles Department of Water and Power and the cities of Burbank and Pasadena.

Major construction on the project, along with an 88-mile transmission line to Intermountain Power Plant in Delta, began in late March. Project managers expect turbines to be erected at the site early this summer.

SOURCE: First Wind

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