First Wind obtains financing for Utah wind farm
First Wind, a Newton-based wind energy company, said that it has obtained a $376 million financing for a wind energy project in Milford, Utah.
The Royal Bank of Scotland plc, parent company of Citizens Bank, was lead arranger for this loan, First Wind said in a press release.
With 97 wind turbines, the Milford Wind Project will generate up to 203.5 megawatts of clean energy upon its completion, and it will be one of the largest renewable energy facilities in Utah and the largest wind energy project in the state, the company said.
First Wind chief executive Paul Gaynor said in a statement, "To obtain this kind of financing in these challenging credit markets is a testament to the project and the commitment of our stakeholders, including Southern California Public Power Authority (SCPPA), our landowner group including the Bureau of Land Management and the State of Utah, our contractor and subcontractors, our host counties of Beaver and Millard, and of course our lenders."
To read the company's press release, please click here.
(By Chris Reidy, Globe staff)