$376M loan enables First Wind’s largest project

By Mass High Tech staff

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Bearing two pieces of good news, First Wind Inc. said it has landed $376 million in loan financing to build its largest project, the 203.5 megawatt Milford Wind Corridor Phase 1 project in Milford, Utah, in addition to reporting that the Maine Department of Environmental Protection has approved its 60 megawatt Rollins Wind project in Penobscot County, Maine.

The Newton-based company said the Milford project represents “one of the largest renewable energy facilities in Utah and the largest wind energy project in the state.” The project, funded by The Royal Bank Scotland plc and expected to begin construction later this year, includes 97 wind turbines -- 58 of its 2.5-megawatt Clipper Liberty turbines and 39 of its 1.5-megawatt GE turbines. The energy produced, enough to power about 44,000 homes, will contribute to the power supply in Utah and Southern California.

Locally, First Wind’s Rollins Wind project got Maine DEP approval following its October 2008 permit application. The 40 1.5-megawatt GE turbines to be built will provide enough renewable energy for more than 23,000 homes.

First Wind was founded in 1995 as UPC Wind. Last August, the company filed documents with the U.S. Securities and Exchange Commission expressing its intent to execute a $450 million initial public offering, though no offering date or share price has been announced.

According to its filings, the company has set a goal of reaching approximately 1,100 megawatts of operating capacity by the end of 2010 and 2,300 megawatts by 2013.

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