Key Bank Online
December 10, 2010 by staff
First Wind and closed an 81 million construction loan non-recourse and $ 17M letter of credit for the project Rollins. Key Bank National Association (KeyBank) and Norddeutsche Landesbank Girozentrale (Nord / LB) served as joint lead arrangers for the financing. In addition to funding, JPM Capital Corporation has signed a financing agreement, capital tax to a subsidiary of First Wind. When the project is put into commercial production, JPM Capital provides long-term capital to make the construction loan.
“These funds are important milestones in the development and construction of our project Rollins wind,” said Paul Gaynor, CEO of First Wind. “This demonstrates the strength of this project and the viability of wind power in Maine. We appreciate the commitment of our financial partners, which will initially offer wind and renewable clean energy for Maine residents and businesses, as well as significant economic benefits in terms of construction jobs, tax revenues local work for local businesses. First Wind has worked hard to develop and build the project Rollins in the right direction. This financing shows that capital markets recognize this as a strong, well-planned project. ”
Since late September, first of wind lifted and 357m in financing and reimbursement and 118 million in short-term loans turbine supply. Financing include funds for the project Rollins, and 247 M for the 68-turbine expansion of its Milford, Utah project, and $ 12M for its Steel Winds facility Lackawanna, NY.
“We are very pleased to have played a leading role in financing the project by First Wind Rollins,” said Andy Redinger, Managing Director and head of KeyBanc Capital Markets Energy Group. “We applaud the dedication and First Wind Joint Lead Arrangers’ commitment to successfully closing this funding. Funding for the project Rollins, after the success of the first projects of Maine Wind three, demonstrates that this is an excellent project to be an excellent source of renewable energy for the taxpayers of Maine. ”
During construction, the project will create wind Rollins about 200 jobs and provide significant revenues to surrounding communities. Four local communities near the project (Lincoln, Lee, Winn and Burlington) are scheduled to receive an average payment of estimated tax combined 785,000 per year for the next 30 years – more than $ 24M in total. Maine-based contractor Reed & Reed has begun construction of the project in September and it is mostly for hiring companies and Maine-based subcontractors for work on the project. The project should be online and operating in the current fall in early 2011.
Rollins Wind project first approved by the Maine Department of Environmental Protection (DEP) on April 21, 2009. On 6 August 2009, the Board of Environmental Protection (BEP) has voted unanimously in favor of authorizing the DEP. On October 7, 2009, the Maine Public Utilities Commission unanimously approved a 20-year contract to provide long-term renewable energy produced from wind project Rollins for consumers in Maine. Opponents of the project have filed numerous appeals of permits, but the project was approved at all levels, including the Supreme Court of Maine.
“First Wind has done research on the implementation of this project for over six years and has spent over $ 4M from Maine with companies to conduct studies examining any economic benefits to environmental impacts,” said Gaynor . ‘We appreciate the excellent support we have received the vast majority of the population in the region and we are delighted to partner with the community was excellent. This project is being built to the highest standards of industry and we expect to be used as a model for the installation of wind turbines for similar projects going forward. ”
With 125 MW of capacity in Maine, First Wind owns and operates three government projects, including the proposed 42 MW Wind Mars Hill in the town of Mars Hill with the wind and 57 MW Stetson Stetson Wind 26 MW II projects, both located in Washington County near the town of Danforth. Combined, the three projects to generate enough energy to power more than 52,000 homes in the Northeast. First Wind also has several projects in various stages of development in Maine and New England.
SOURCE: First Wind
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