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The U.S. Treasury Department announced yesterday that First Wind Holdings Inc. of Newton has been handed $40.4 million in federal recovery funds for its planned second wind power turbine farm at Stetson Ridge in Maine.
According to the Treasury Department, the funding was part of an overall $502 million funding award to 12 developments under the American Recovery and Reinvestment Act. First Wind operates the current Stetson Ridge turbine farm and the planned Stetson II as Evergreen Wind Power V LLC. Stetson Ridge is in the township of Danforth, near the Canadian border in Washington County.
First Wind has closed more than $500 million in loans for the development of its wind farms this year. In July the company announced it closed a loan agreement worth $115 million with Alberta Investment Management Corp. and a $76 million one-year loan with German bank HSH Nordbank AG.
In April, First Wind obtained a $376 million financing from the Royal Bank of Scotland PLC for its 203.5 megawatt Milford Wind Corridor Phase I project in Milford, UT.
More recently, First Wind won approval early last month from the Vermont Public Service Board for its planned 40 megawatt wind farm in Sheffield, Vt. First Wind already has four Power Purchase Agreements signed for the output of the Sheffield wind project, including one with the Burlington Electric Department, two with the Vermont Electric Cooperative Inc. and a one with the Washington Electric Cooperative Inc.
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