First Wind has confirmed receipt of a $117 million loan guarantee from the U.S. Department of Energy (DOE) for the company's Oahu, Hawaii-based 30 MW Kahuku Wind project, which recently began construction.
‘The loan guarantee helped us to secure the necessary financing to build this new wind energy project, which will create jobs, generate clean power for the people of Oahu and help Hawaii gain greater energy independence,’ says Paul Gaynor, CEO of First Wind.
Located on Oahu's North Shore, the Kahuku Wind project will consist of 12 2.5 MW Clipper Liberty wind turbines. The project will also include a battery energy-storage system to assist in meeting performance standards and smoothing fluctuations in wind energy output. The battery storage system was developed by Xtreme Power Inc.
Construction on the Kahuku Wind project began earlier this month. It is creating employment opportunities during design, engineering and construction, including approximately 200 construction jobs, according to First Wind. Once completed, the project will help support the Hawaiian Clean Energy Initiative, which aims to have 70% of the state's energy for electricity and ground transportation come from clean energy by 2030.
The DOE's Loan Programs Office manages the nation's green energy loan portfolio and is authorized to issue loan guarantees under Title XVII of the Energy Policy Act of 2005.
SOURCE: First Wind
