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First Wind closes financing for 'Oakfield' wind project

148MW wind project in Aroostook County, Maine, expected to commence commercial operation in late 2015.

Construction activities on the Oakfield Wind project, situated about 2.5 miles from the center of the town of Oakfield, will continue with a completion and generation date predicted for the fourth quarter of 2015. Vestas will supply 48 V-112 turbines with a capacity of 3.075 MW each to the Maine project.

According to First Wind, the Oakfield Wind project will create approximately 300 jobs during construction and provide $27 million in tax and community benefit payments to the town of Oakfield and the surrounding community over the next 20 years.

“We are very pleased to close the financing for our Oakfield Wind project,” said Paul Gaynor, CEO of First Wind. “By securing financing, we will be able to continue construction activities on our sixth wind project in Maine. "It is exciting to see this project move forward, as it will deliver significant direct investment into the local economy while serving as a source of cost-competitive clean energy.”

The financing package for the combined wind farm and generator lead, with a total construction cost of approximately $369 million, includes a $237 million construction loan and $132 million of equity contribution. KeyBank National Association served as the joint lead arranger and administrative agent on the construction loan. The power that will be generated by the Oakfield Wind project is contracted to be sold to customers of four Massachusetts utilities as part of a 15-year contract, and will generate enough clean energy at cost-competitive rates to power the equivalent of about 50,000 New England homes.

 

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