in News Departments > Projects & Contracts
print the content item

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


Trachte Inc._id1770
Latest Top Stories

Quebec Government Postpones Wind Power RFP; No New Date Scheduled

The request for proposals (RFP) is part of an overall 800 MW wind power tranche that will serve as a bridge to the next phase in the province's energy future.


Setting The Record Straight: How Many Birds Do Wind Turbines Really Kill?

Several peer-reviewed studies are more or less in agreement with avian mortality rates caused by wind turbines. However, one study, which is wildly off from the others, is most often cited in the media. Why?


Six Takeaways From The IRS' Start Of Construction Guidance: What You Need To Know

The IRS recently issued guidance to wind developers to further spell out what "start of construction" means. Will you be covered?


Eagle Take Permits For Wind Farms - Will They Fly?

Now that the U.S. Fish and Wildlife Service has issued the first permit allowing the legal take of eagles, can wind developers expect more certainty in the agency's application process?


Despite 2013 Challenges, U.S. Wind Power Reaches All-Time Low Price

In a new report, the U.S. Department of Energy details the highs and lows of the country's wind industry last year, and the agency maintains that the U.S. sector remains strong.

Canwea_id1984
Renewable NRG_id1934
UnitedEquip_id1995
Tower Conference_id1965