First Wind receives $76 million in financing for 34 MW project

By Editor


First Wind receives $76 million in financing for 34 MW project

Greentech Lead India: First Wind, a wind energy company,
has received $76 million in construction financing for its 34 MW Bull Hill Wind
project in Hancock County, Maine.

First Wind will soon start major construction activities
on the project. The facility will have the capacity to generate enough clean
energy to power about 18,000 homes.

“We are excited to complete the financing and start
construction of the Bull Hill Wind project, which will be our fifth wind
project in Maine to achieve commercial operations,” said Paul Gaynor, CEO
of First Wind.

The Bull Hill Wind project will expand its capacity to
generate clean, renewable energy in Maine to nearly 220 MW. The new project
will boost the local economy during the construction as well as through the
ongoing operations of the project.

Union Bank served as Administrative Agent and Project LC
Issuing Bank. Additionally, an affiliate of Union Bank will provide long-term
capital through sale-leaseback financing for the Bull Hill Project upon
achievement of commercial operations.

The output of the Bull Hill Wind project will be sold to
NSTAR under a long-term power purchase agreement, which was approved in August

The Bull Hill Wind project received approval from the
state’s Land Use Regulatory Commission (LURC) in October 2011. Eastbrook and
the surrounding communities in Hancock County will receive an average aggregate
tax payment of approximately $100,000 annually for the next 20 years and an
additional $240,000 annually in community benefit payments–more than $7
million in total.

“First Wind shares our company’s commitment to
investing in Maine, and this project is going to represent a long-term economic
contributor to the people and businesses of Hancock County and the surrounding
region,” said Jay Haynes, president of Lakeville Shores, the major
landowner of the project site.

Construction of the project will include the installation
of 19 Vestas 1.8 MW wind turbines on Bull Hill and Heifer Hill ridges in
Hancock County, Maine.

During construction, the Bull Hill Wind project will
create about 200 jobs and will provide significant revenue to the surrounding
communities. Reed & Reed commenced site preparation work.

The installation of the turbines is expected to take
place during the summer of 2012, and the project is expected to be online and
operating by the end of 2012.

Combined, these facilities have capacity to generate 185
MW, enough to supply clean power to about 85,000 households.

Over $125 million in direct spending has been invested
into Maine-based companies during the development and construction of these
four projects. First Wind has invested another $420 million in wind projects in

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