First Wind retains 51% of the JV and will serve as the managing partner, continuing to operate the projects. Emera affiliate Emera Energy Services will provide energy management services.
First Wind will exclusively manage the development business and continue to develop new wind projects in the north east. Once these projects meet certain eligibility criteria, First Wind has the ability to transfer up to an additional 1,200MW of new projects to the new JV.
In addition to paying $211 million for its equity stake, Emera is making a $150 million loan to an intermediate subsidiary company of Northeast Wind Partners, which will be repaid in five years. Emera will finance this transaction through existing credit facilities.