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Newton, Mass.-based First Wind, an independent North American wind power developer, has secured a nonrecourse term loan from HSH Nordbank AG and NORD/LB for its 125 MW Cohocton wind project in Cohocton, N.Y. This is the first nonrecourse term loan extended for a project utilizing wind turbine power generators produced by Clipper Windpower.

First Wind has installed 50 of the 2.5 MW Clipper Liberty wind turbines at its Cohocton project. The project, which began generating commercial electricity in January, is selling wind-generated power directly into the New York state power grid. Proceeds from the nonrecourse term loan will be used by First Wind to pay the costs associated with the procurement and installation of the 50 Clipper turbines operating in Cohocton.

"We are pleased to have secured this financing facility, particularly at a time when lenders are carefully evaluating how best to deploy their capital," said Tim Rosenzweig, First Wind's senior vice president of finance. "The loan enhances our financial flexibility to continue our work toward meeting the need for clean, renewable energy sources in North America. We thank HSH Nordbank and NORD/LB for their support and for making this important commitment to clean energy."

SOURCE: First Wind

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