Newton, Massachusetts-based First Wind, an independent developer and operator of wind power in the United States, has closed two financing transactions for a total of $191 million.
The first is an eight-and-a-half-year $115 million term loan facility from Alberta Investment Management Corporation (AIMCo).
The second is a $76 million one-year loan with HSH Nordbank for First Wind’s Stetson project. Proceeds from the financing transactions will be used to further First Wind’s development activity and for general corporate purposes.
First Wind currently has five operating wind projects totaling 274
megawatts (MW) in three states–two in Maine, two in New York and one
in Hawaii. It also has a 200-MW project in construction in Utah.
First Wind’s Stetson project commenced operations in January 2009. It
is currently the largest operating wind farm in New England. It
consists of 38 GE 1.5-MW turbines outside of Danforth, Maine. First
Wind has received permits to begin a 25.5-MW expansion of the Stetson
project.
First Wind is backed by affiliates of the D. E. Shaw group and Madison Dearborn Partners.
Alberta Investment Management Corporation (AIMCo), based in Edmonton, Alberta, is one of the largest institutional investment management firms in Canada, with C$68 billion in assets under management as of March 31, 2009. AIMCo manages capital for public sector pension plan and government endowment fund clients across a wide variety of asset classes.
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