SunEdison begins construction at wind energy project in Maine

SunEdison (NYSE: SUNE) secured financing for and started construction on the 185-MW Bingham Wind project in Maine.

"The Bingham wind farm is our largest wind project in Maine, and once completed should bring our total wind-generation capacity in the state to 552 megawatts," said Paul Gaynor, SunEdison executive vice president of the Americas and EMEA. "SunEdison has made a major commitment in Maine's renewable energy future, and that commitment creates new local jobs and incremental tax revenues for the state, as well as long term stable and competitive electricity prices for rate payers. Bingham is a fantastic example of how good policies can create great economic and environmental results."

Electricity generated will be sold to three local utilities — Eversource, National Grid, and Unitil — under separate 15-year power purchase agreements.

The financing for the wind farm and generator lead is for $360 million, and the total construction cost is $420 million. KeyBanc Capital Markets Inc. served as the joint lead arranger and KeyBank National Association (NYSE: KEY) acted as administrative agent.

Reed & Reed served as the engineering, procurement, and construction (EPC) contractor.

The wind farm is on the Call Right Project List for TerraForm Power. TerraForm Power intends to acquire the project once operational in late 2016.

SunEdison Services will perform operation and maintenance services.

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