First Wind completes financing for Oakfield wind project in Maine

First Wind, an independent US-based renewable energy company, has completed financing for its 148MW wind project in Aroostook County, Maine, US.

With financing in place, the company is continuing with construction as planned with commercial operations scheduled to commence in the fourth quarter of 2015.

In addition to creating approximately 300 jobs during construction, the Oakfield Wind project provides $27m in tax and community benefit payments over the next 20 years to the town of Oakfield and the surrounding communities.

First Wind CEO Paul Gaynor said that the financing will enable the company to continue construction activities on our sixth wind project in Maine.

"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." Gaynor added.

KeyBanc Capital Markets’ Utilities, Power & Renewable Energy Group managing director and head Andrew Redinger said, "The financing of the Oakfield project demonstrates the solid fundamentals of the wind project that will provide an excellent source of renewable power."

With a total construction cost of approximately $369m, the financing package for the combined wind farm and generator lead includes a $237m construction loan and $132m of equity contribution.

The wind project will generate enough clean energy at cost-competitive rates to power the equivalent of about 50,000 New England homes.