First Wind lines up Rollins financing
Boston-based developer First Wind has obtained $98 million in financing for its 40-turbine Rollins Wind project currently under construction in Penobscot County.
The company announced Friday it closed an $81 million construction loan and a $17 million letter of credit, with KeyBank National Association and Norddeutsche Landesbank Gioronzentrale, based in Hannover, Germany, serving as the joint lead arrangers of the financing, according to a press release. A subsidiary of First Wind also secured $90 million in a tax equity financing agreement with JPM Capital Corp., which will provide long-term capital once the project reaches commercial operation, according to the release and Maine Public Broadcasting Network. The 60-megawatt wind farm near Lincoln is scheduled to be operational by fall 2011.
The Rollins wind farm has been the subject of numerous lawsuits and appeals filed by a citizens' group, Friends of Lincoln Lakes, all of which have been unsuccessful. The group earlier this month filed a petition for review with the Maine Supreme Judicial Court, arguing First Wind has not proven it has the financial means to finish the $150 million project.
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