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United States

First Wind gets finance for 60MW Maine project

UNITED STATES: First Wind has secured $98 million in financing for its 60MW Rollins Wind project in Maine, in the northeastern US.

Massachusetts-based First Wind closed a $81 million non-recourse construction loan and a $17 million letter of credit facility.

Key Bank National Association and Norddeutsche Landesbank Girozentrale served as the lead arrangers for the financing.

In addition, JPM Capital Corporation has executed an agreement for tax equity financing with a subsidiary of First Wind. When the project goes into commercial operation, JPM Capital will provide long-term capital to pay for the construction loan.

"These financings show that the capital markets recognize that this is a strong, well-planned project," said Paul Gaynor, CEO of First Wind. The project is expected to be online and operating sometime in the early autumn of 2011.

In November, First Wind abruptly pulled its $275 million IPO, set for the NASDAQ, due to what it described as unfavourable market conditions.

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