At a ceremony, First Wind commemorated construction of the 148 MW Oakfield Wind project in Aroostook County, Maine. Representing First Wind’s sixth project in Maine and the company’s largest in New England, the Oakfield Wind project will provide tax and community benefit payments to the town of Oakfield and the surrounding community over the next 20 years.
“The Oakfield project has been something we’ve wanted to build for almost a decade, and we’re thrilled to say that it will be finished by the end of next year,” said Paul Gaynor, CEO of First Wind. “We appreciate the long-term support from the community leaders and residents of Oakfield and Aroostook County, and we are looking forward to continuing our commitment to Maine’s clean energy economy.”
Once complete, the Oakfield Wind project will provide $27 million in tax and community benefit payments to the town of Oakfield and the surrounding communities over the next 20 years. Earlier this year, First Wind made the first community payment in the amount of $600,000 as part of the community benefit agreement. The clean cost-competitive power that will be generated by the project is contracted to be sold to 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.
Situated about 2.5 miles from the center of the town of Oakfield, the Oakfield Wind project will be constructed on the low-lying ridges of the Oakfield Hills. Work on the 148 MW wind project will include the installation of 48 Vestas V-112 turbines and will create about 300 direct, full-time jobs during construction. It is expected to reach commercial operations by the end of 2015.
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.
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 billion