First Wind planning public offering
A major wind developer in Maine is hoping to become a publicly traded company and issue an initial public offering.
Boston-based First Wind Holdings LLC, which has developed or proposed a number of large wind farms across the state, has filed a prospectus to list common stock on the Nasdaq market under the symbol WIND, according to the Portland Press Herald. The prospectus does not specify how many shares will be offered, the price per share or how much money the company hopes to raise. First Wind declined to comment on the IPO.
To pay for its wind farms, First Wind has raised money from investors, borrowed from banks and won grants and loan guarantees from the federal government. Federal stimulus money has helped the company pay down millions in bank debt and construction loans, according to the paper. According to First Wind's financial documents, the company has $523 million in debt and has net losses from operations of $191.2 million, according to the paper.
First Wind has 25 days after its IPO to issue stock and raise money.
First Wind operates the Mars Hill wind farm in northern Maine and the two-phase Stetson Wind project in Washington County, and has proposed two farms on Rollins Mountain near Lincoln and the Aroostook County town of Oakfield.
Go to the article from the Portland Press Herald >>
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