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

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.


Mexico On Pace To Set New Renewables Investment Record

A new report says the country has spent $1.3 billion on clean energy in the first half of 2014 and could end up seeing a record year. Furthermore, wind power is slated for significant growth in the region.


IRS Issues More PTC Guidance, Easing Some Wind Industry Concerns

The Internal Revenue Service (IRS) addresses how much work is needed on a wind farm to satisfy production tax credit (PTC) eligibility.


Embryonic No More: U.S. Offshore Wind Industry Gaining Momentum

After a decade of fits and starts, the industry is moving closer to installing the first generation of wind projects off the country's shores.

Renewable NRG_id1934
Canwea_id1984
Tower Conference_id1965