in News Departments > Projects & Contracts
print the content item

First Wind has closed financing for its 148 MW Oakfield Wind project, located in Aroostook County, Maine. With financing in place, the developer says it will continue on schedule with construction and expects commercial operations in the fourth quarter of 2015.

The financing package for the combined wind farm and generator lead, with a total construction cost of approximately $369 million, includes a $237 million construction loan and $132 million of equity contribution. KeyBank National Association served as the joint lead arranger and administrative agent on the construction loan.

Vestas will supply 48 V-112 turbines with a capacity of 3.075 MW each to the Maine project. Construction commenced in late 2013, and First Wind says the Oakfield project will qualify for the federal wind energy investment tax credit. The project’s power will be sold to customers of four Massachusetts utilities as part of a 15-year contract.

The developer says that, once complete, Oakfield Wind will increase the total capital expenditures made by First Wind for wind projects sited in Maine to over $1.25 billion. First Wind currently has five operational wind projects in the state, including the 42 MW Mars Hill Wind project, the 83 MW Stetson Wind I and II projects, the 60 MW Rollins Wind project, and the 34 MW Bull Hill Wind project.

In addition, First Wind has three wind projects in advanced development, including the 51 MW Hancock Wind project, the 48 MW Bowers Wind project and the 186 MW Bingham Wind project.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.

Renewable NRG_id1934
Canwea_id1984
Hybrid Energy Innovations 2015