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First Wind Holdings Inc. said it has reached an agreement with two other companies to jointly develop and operate new wind projects in the Northeast, through the formation of a new operating company.
The Boston-based company said the new company, Northeast Wind, will also manage First Wind’s current 370-megawatt portfolio of wind energy projects in the Northeast. First Wind will own 51 percent of Northeast Wind, while the other partners, Algonquin Power and Utilities Corp. and Emera Inc., will own the remaining 49 percent.
“First Wind will work with Algonquin and Emera to grow the operating company,” the companies said in a statement. “In addition to its ownership interest in the operating company, First Wind will serve as its managing partner and will continue to operate the projects. First Wind will continue to develop Northeast projects and once these projects meet certain eligibility criteria they will transfer to the operating company.”
First Wind operates several large wind farms in Maine and is also developing a 40-megawatt wind farm in Sheffield, Vt., and a 60-megawatt project in Penobscot County, Maine.
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