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

Smart Community Engagement: Twelve Tips Every Wind Developer Should Know

Community engagement helps ensure a project runs smoothly, but it can also save developers money and even lead to a more successful wind industry overall.


Bird Groups Target LEEDCo's Icebreaker Offshore Wind Pilot

Two bird conservation groups that helped halt a wind project earlier this year argue that Lake Erie Energy Development Corp.'s (LEEDCo) 18 MW offshore demo poses a major risk to regional wildlife.


Report Disputes U.S. Agency's Renewable Energy Projections

A new analysis from the Sun Day Campaign says renewables are slated to provide 16% of U.S. generating capacity by 2018 - over 20 years earlier than forecast by the Energy Information Administration.


Kansas Renewables Mandate Survives Yet Another Attack, But Is It Too Early To Celebrate?

Over the past three years, some legislators have tried to either weaken or repeal the state's renewable portfolio standard, which requires Kansas utilities to reach 20% renewables by 2020.


AWEA Highlights U.S. Wind Success Stories Of 2013

Despite a 92% drop in new capacity last year, the sector still has myriad reasons to celebrate, according to a new report from the American Wind Energy Association.

Acciona_id1907
UEA_id1896
WomenofWind_id
JLG_id1900
AWEA_id1886
bonfiglioli_id1913