First Wind gets $98 million of funding for Maine wind project

By Lisa Kerner

Charlotte, N.C., Dec. 3 - First Wind obtained $98 million of financing for its 60 megawatt Rollins Wind project in Penobscot County, Maine.

The financing includes an $81 million non-recourse construction loan and a $17 million letter of credit facility.

Key Bank NA and Norddeutsche Landesbank Girozentrale were the joint lead arrangers for the financing.

In addition, JPM Capital Corp. executed a tax equity financing agreement with a subsidiary of First Wind.

First Wind has raised $357 million of financing and repaid $118 million of short-term turbine supply loans since the end of September.

Approval for the Rollins Wind project has been received from a number of regulatory agencies including the Maine Department of Environmental Protection, according to a First Wind news release.

First Wind is an independent wind power developer based in Newton, Mass.

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