First Wind Receives $76M in Financing
- Dec 28, 2010
December 28, 2010
By Allison Landa, News Editor
Independent wind energy firm First Wind has obtained $76 million in financing for its 40-megawatt Sheffield Wind Project. Having received the funds, the company will now continue on schedule with construction of Vermont’s largest wind energy project to date.
KeyBank National Association was the sole lead arranger for the financing, which consists of a $71.3 million non-recourse construction loan and a $4.5 million letter of credit facility. Additionally, JPM Capital Corp. executed a tax equity financing agreement for up to $60 million with a subsidiary fo First Wind.
Construction began in September. Since the end of that month, First Wind has raised $435 million in financing and repaid $149 million in short-term turbine supply loans.
According to First Wind CEO Paul Gaynor, the financing is a major milestone in the project and serves as proof that the capital markets recognize its value.