First Wind secures $98m financing for Maine project
First Wind Holdings Inc., the Boston-based wind farm developer that recently canceled plans for an initial public stock offering, said today that it has obtained $98 million in financing for its Rollins Wind project in Penobscot County, Maine.
Key Bank National Association and Norddeutsche Landesbank Girozentrale served as the joint lead arrangers for the financing, First Wind said in a press release.
Additionally, JPM Capital Corp. has executed a tax equity financing agreement with a First Wind subsidiary, First Wind said; when the project goes into commercial operation, JPM Capital will provide long-term capital to take out the construction loan.
“These financings are important milestones in the development and construction of our Rollins Wind project,” First Wind chief executive Paul Gaynor said in a statement. “It demonstrates the strength of this project and the viability of wind power in Maine."
In October, First Wind decided to pull the plug on its planned IPO after investor demand went slack.