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First Wind LLC said Tuesday it has closed loan agreements with two foreign investors worth $191 million to advance its wind farm development projects.
The Newton developer secured an eight-and-a-half year, $115 million term loan with Alberta Investment Management Corp. (AIMCo), a Canadian investment manager of public pension plans and government endowment funds. First Wind also closed a $76 million one-year loan with German bank HSH Nordbank AG for the company’s Stetson Wind project in northern Maine.
The financing will be used for development projects and general corporate purposes, company officials said in a statement. First Wind currently has five operating wind projects totaling 274 megawatts in Maine, New York and Hawaii.
“These investments in First Wind in the midst of very difficult financing markets show confidence in First Wind’s ability to continue to develop, build and operate wind farms in our target markets,” said First Wind CEO Paul Gaynor in a statement. “It also shows that AIMCo and HSH Nordbank are committed to making major investments in clean, renewable energy.”
The deal comes as First Wind awaits an opening of the public markets to make its initial public offering. It filed its registration papers with the U.S. Securities and Exchange Commission in July of 2008. The company is backed by affiliates of the D.E. Shaw Group and Madison Dearborn Partners.
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