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| PRESS RELEASE: FIRST WIND STATEMENT REGARDING THE AWARD OF $115 MILLION IN GRANTS FROM U.S. DEPARTMENTS OF TREASURY AND ENERGY |
| First Wind will receive over $115 million in grants as part of the first round of funding via the American Recovery and Reinvestment Act (Recovery Act). |
| 09/03/2009 |
| Boston, MA – September 3, 2009 – First Wind, an independent North American wind power company, issued a statement about the announcement this week by the U.S. Department of Energy and Department of Treasury that First Wind will receive over $115 million in grants as part of the first round of funding via the American Recovery and Reinvestment Act (Recovery Act). As part of the funding, a cumulative of over $74 million was awarded to First Wind’s 125 MW Cohocton Wind projects in New York and more than $40 million was awarded to First Wind’s 57 MW Stetson Wind project in Maine. “We’re very pleased to learn that we are going to receive the grants we’ve applied for and applaud the efforts of the Treasury and Energy Departments in expediting the processing of the applications and payments far ahead of schedule,” said Michael Alvarez, President and Chief Operating Officer of First Wind. “In responding to the credit crisis and its impact on the tax equity markets that impeded the development of renewable energy projects, the Obama Administration and Congress implemented a very thoughtful redesign of the existing tax credit program within the stimulus package. With the receipt of these grants, First Wind plans to reinvest these funds to accelerate the development of new renewable projects that will create jobs, generate clean power, and help the United States gain energy independence. We expect these grants will have a strong stimulative effect – not just for First Wind, but for the industry overall. We will be able to put more people to work building more wind farms across the country in the months ahead.” According to the announcement from the Treasury and Energy Departments, the grant funding was created under Section 1603 of the Recovery Act and is expected to provide more than $3 billion in financial support for clean energy projects by providing direct payments in lieu of tax credits. The Treasury Department opened the application process for the 1603 program on July 31, 2009 and made the first awards on September 1, 2009. One of the projects to receive funds through the grant program is First Wind’s 57 MW Stetson Wind project. Situated in Washington County, Maine, Stetson Wind has the capacity to generate clean, wind energy to power about 23,500 New England homes each year. Currently the largest wind energy project in operation in New England, the project consists of 38 General Electric 1.5 MW wind turbines. The project officially began generating power on a commercial basis and delivering it to the New England electrical grid in January 2009. During construction of the project, Stetson Wind created 350 development and construction jobs, and First Wind spent about $50 million with Maine-based businesses developing and building the project. In March 2009, First Wind received approval from the Maine Land Use Regulation Commission (LURC) to build a 25.5 megawatt (MW) expansion. Also receiving funding via two separate grants are the 125 MW Cohocton Wind projects in New York, which are comprised of two wind facilities including a 87.5 MW project and a 37.5 MW project, both located in Cohocton, N.Y. The two Cohocton Wind projects have the capacity to generate clean, wind energy to power about 50,000 New York homes each year. Comprised of 50 of the 2.5 MW Clipper Liberty™ turbines, the two project sites began generating commercial electricity in January 2009 and are selling wind-generated power directly into the New York State power grid. During construction of the project, the Cohocton Wind projects created more than 200 development and construction jobs. About First Wind First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. First Wind is headquartered in Newton, Massachusetts. For more information on First Wind, please visit www.firstwind.com or follow us on Twitter @FirstWind. ## For more information, contact: John Lamontagne First Wind Director, Communications 617-964-3340 |
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