First Wind unit closes $236 million financing including term loan, LoC

By Marisa Wong

Madison, Wis., March 20 - First Wind Holdings Inc. said it obtained $236 million of financing for its Kawailoa Wind project in Hawaii. A First Wind subsidiary closed a $220 million non-recourse construction and term loan and $16 million of letters of credit, according to a news release.

Union Bank is the administrative agent and joint lead arranger. Other joint lead arrangers include Bayern LB, Rabobank and Siemens Financial Services. CIBC and CoBank also participated in the financing.

"This financing is an important milestone for the construction of Kawailoa Wind," Paul Gaynor, chief executive officer of First Wind, said in the release.

Early construction for the project began in December. The project is expected to be completed by the end of 2012.

Boston-based First Wind owns and operates two other wind energy projects in Hawaii and is currently building another project on Maui.

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