Closed financing for a 148 MW wind project, the Oakfield Wind project, in Aroostook County, Maine, First Wind will continue on schedule with construction with commercial operations expected in the fourth quarter of 2015. The project will also be beneficial to the town of Oakfield and the surrounding communities over the next 20 years in aspects include jobs and power supply.
“By securing financing, we will be able to continue construction activities on our sixth wind project in Maine,” said Paul Gaynor, CEO of First Wind. “We appreciate the commitment from our financial and construction partners, and we are grateful for the long-term support we have received from the residents and community leaders in the town of Oakfield. 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.
Situated about 2.5 miles from the center of the town of Oakfield, construction activities on the Oakfield project 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. Construction commenced in late 2013 and the Oakfield project will qualify for the federal wind energy Investment Tax Credit.
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. Once complete, the Oakfield Wind project will increase the total capital expenditures made by First Wind for wind projects sited in Maine to over $1.25 billion.