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First Wind secures loan for Cohocton Wind power project in New York

Wind power developer First Wind has secured a non-recourse term loan from HSH Nordbank AG and NORD/LB for its 125 MW Cohocton Wind power project in Cohocton, upstate New York.

First Wind has installed 50 2.5 MW Clipper Liberty™ wind turbines at the wind energy project.

The project, which began generating commercial electricity in January 2009, is selling power directly into the New York State power grid. Proceeds from the non-recourse term loan will be used by First Wind to pay the costs associated with the procurement and installation of the 50 Clipper wind 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.

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