First Wind wins $236 million fund for Hawaii’s largest wind project

By Editor


First Wind wins $236 million fund for Hawaii\'s largest wind project

By Greentech Lead America: First Wind, an
independent U.S.-based wind energy company, has secured $236 million in
financing for its 69 megawatt (MW) Kawailoa Wind project on Kamehameha Schools’
Kawailoa Plantation lands on Oahu’s North Shore. A subsidiary of First Wind
closed a $220 million non-recourse construction and term loan and $16 million
in letters of credit for the Kawailoa project.

Union Bank, Bayern LB, Rabobank, Siemens Financial
Services, CIBC and CoBank participated in the financing round.

“This financing is an important milestone for the
construction of Kawailoa Wind. Hawaii has a genuine commitment to having more
renewable energy on the islands, and these banks recognize that this project
will be an important component toward reaching that goal. We appreciate the
commitment of our financial partners, which will help First Wind deliver clean,
renewable energy for the benefit of Oahu residents and businesses,” said Paul
Gaynor, CEO of First Wind.   

The construction work has begun on the project in
December of 2011 and is expected to be completed by the end of 2012. RMT is the
general contractor working on the Kawailoa project.

The project consists of  thirty 2.3 MW Siemens
wind turbines and expected to generate enough clean, renewable wind energy to
power the equivalent of approximately 14,500 homes on the island, or as much as
five percent of Oahu’s annual electrical demand. When completed, Kawailoa Wind
will be the largest wind energy facility in Hawaii.

Hawaiian Electric Company (HECO) will purchase the
electricity generated by the Kawailoa project through a power purchase
agreement. Hawaii state law mandates 70 percent clean energy for electricity
and surface transportation by 2030, with 40 percent coming from local renewable
sources. Kawailoa Wind will significantly advance the state’s progress toward
these goals.

Recently, First Wind completed its
Steel Winds II expansion. The 35 MW cumulative Steel Winds project will
generate enough clean electricity to power approximately 9,000 New York homes.

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