SunEdison launched a wind project in Maine. This week, the company secured financing and started construction on the 185MW Bingham Wind project in Maine. The project is expected to be the largest of its kind in the New England area of the U.S.
"The Bingham wind farm is our largest wind project in Maine, and once completed should bring our total wind-generation capacity in the state to 552 MW," said Paul Gaynor, SunEdison executive vice president of the Americas and EMEA.
The financing facility for the combined wind farm and generator lead is for $360 million, and the total construction cost is $420 million. KeyBanc Capital Markets Inc. served as the joint lead arranger and KeyBank National Association acted as administrative agent on the construction loan.
The electricity generated by this wind project will be sold to three local utilities in New England; Eversource, National Grid, and Unitil. The wind energy will be purchased through separate 15-year power purchase agreements that were awarded in a competitive bidding process.
The wind farm is on the Call Right Project List for TerraForm Power. TerraForm Power intends to acquire this asset once operational in late 2016. In addition, the plant is expected to produce enough energy to power more than 65,000 homes. SunEdison partnered with engineering, procurement, and construction company Reed & Reed on the construction of the project. O&M services will be performed by SunEdison.