|[February 12, 2014]
First Wind Secures $206 Million Financing for Route 66 Wind Project and Continues Construction of First Project in Texas
BOSTON --(Business Wire)--
Wind, an independent U.S.-based renewable energy company, today
announced that it has obtained $206 million in financing for its Route
66 Wind project in Armstrong and Carson Counties, Texas. With financing
closed for its first renewable energy project in Texas, First Wind will
continue engineering and construction activities on the project.
The Route 66 Wind project is expected to deliver power to the ERCOT
(Electric Reliability Council of Texas) power markets through the
new CREZ (Competitive Renewable Energy Zone) transmission system, and
will generate clean, renewable energy through a capacity of 150
"We are excited to complete the financing and continue construction of
the Route 66 Wind project, which is our first project in the State of
Texas," said Paul Gaynor, CEO of First Wind. "This financin is an
important milestone for the construction of Route 66 Wind, and we
appreciate the commitment of our financial and construction partners to
help us bring cost-competitive, renewable energy to Texas. We also
appreciate the support we've received from county officials and local
landowners. We are glad to be able to make a direct investment into the
local economy throughout the construction and successful operations of
Route 66 Wind Power, LLC, a subsidiary of First Wind, closed on a $206
million financing agreement for the Route 66 project, with Morgan
Stanley and Santander
acting as joint lead arrangers, and Morgan Stanley serving as the
administrative agent. The two have also committed tax equity into the
deal. Morgan Stanley Commodities is providing a long-term ERCOT power
hedge and BayernLB is providing term debt financing for the project.
Construction work began in late 2013, and is expected to create hundreds
of jobs in the state of Texas. M.A. Mortenson is acting as the prime
contractor. With construction activity on Route 66 Wind starting in
2013, the project will qualify for the federal wind energy Production
Tax Credit (PTC).
Vestas will supply 75 V110 turbines with a capacity of 2 megawatts (MW)
each to the project near Amarillo, Texas.
First Wind owns and operates wind projects in Maine, Vermont, New York,
Utah, Washington and Hawaii.
About First Wind
First Wind develops, finances, builds and operates utility-scale
renewable energy projects throughout the United States. Based in Boston,
First Wind currently operates wind power facilities in the Northeast,
the West and Hawaii, with combined capacity of more than 1,000 megawatts
(MW) - enough to power about 300,000 U.S. homes each year. For more
information on First Wind, please visit www.firstwind.com
or follow us on Twitter (News - Alert) @FirstWind.
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