First Wind delays IPO
First Wind Holdings Inc., a Boston-based developer of wind farms, said today that it will not move forward with its planned initial public offering of stock.
“While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company,” company chief executive Paul Gaynor said in a statement. “First Wind is well positioned to grow in its core markets. We have a successful track record developing, building, financing and operating our portfolio of projects in the Northeast, the West and Hawaii.”
First Wind operates seven utility-scale wind farms in Maine, New York, Utah, and Hawaii with a combined capacity to generate 504 megawatts of power.
A story in today's Globe noted that yesterday the company elected to sharply reduce the amount of money it expects to raise from an IPO because of a cool reception from investors.