First Wind secures $210mn for wind power project

First Wind said it has obtained $210 million in financing for the company’s subsidiary, Palouse Wind LLC, the owner of the 105 MW Palouse Wind project in Washington.  With financing in place, First Wind said it will continue on schedule with construction.

The project will feature 58 Vestas 1.8 MW wind turbines with a generating capacity of about 105 MW of electricity.  The energy from the Palouse Wind project will power local homes and businesses through a power purchase agreement with Avista.

As part of the financing, Palouse Wind LLC closed an approximate $170 million construction and term facility loan, and letters of credit of up to $40 million. KeyBank National Association (NYSE: KEY) served as the joint lead arranger and administrative agent, and Nordduetsche Landesbank Girozentrale, CoBank ACB, and Banco Santander served as joint lead arrangers.

The general contractor on the project, RMT Inc., began construction in October 2011. The project is expected to be online and operational sometime before the end of 2012.

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