First Wind, an independent North American wind power developer, today announced that it has secured a non-recourse term loan from HSH Nordbank AG and NORD/LB for its 125 megawatt (MW) Cohocton Wind power project in Cohocton, NY. This is the first non-recourse term loan extended for a project utilizing wind turbine power generators produced by Clipper Windpower.
First Wind has installed 50 of the 2.5 MW Clipper Liberty™ turbines at its 125 MW Cohocton project. The project, which began generating commercial electricity in January 2009, is selling wind-generated power directly into the New York State power grid. Proceeds from the non-recourse term loan will be used by First Wind to pay the costs associated with the procurement and installation of the 50 Clipper turbines operating in Cohocton.
“We are pleased to have secured this financing facility, particularly at a time when lenders are carefully evaluating how best to deploy their capital,” said Tim Rosenzweig, First Wind’s Senior Vice President of Finance. “The loan enhances our financial flexibility to continue our work toward meeting the need for clean, renewable energy sources in North America. We thank HSH Nordbank and NORD/LB for their support and for making this important commitment to clean energy.”
The Cohocton project is expected to produce enough clean, renewable electricity to power about 50,000 homes in New York state each year. The clean energy produced by the project is the equivalent of burning more than about 669,000 barrels of oil or more than 182,000 tons of coal per year without the associated toxicity, health, or cost issues. Cohocton also is expected to provide economic benefits to Steuben County by contributing significant property tax revenues to the area.
First Wind is a leading independent wind power developer backed by affiliates of Madison Dearborn Partners one of the most experienced and successful private equity investment firms in the U.S., and D.E. Shaw Group, a specialized investment and technology development firm.
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, MA. For more information on First Wind, please visit www.firstwind.com.
About Norddeutsche Landesbank Girozentale
Based in Hannover, Germany, Norddeutsche Landesbank Girozentale (NORD/LB) has grown to be Germany's tenth largest financial institution with roots going back to 1765. The Bank’s North American operations started in 1991 and are based in New York. The Bank offers a range of financial services including Project Finance, Real Estate Lending, Asset Backed Finance, Treasury and Capital Markets functions. The Bank’s Corporate & Structured Finance Group have been involved in financing wind projects since 2004 and have financed over 5,000MW of projects to date. In addition to wind, the Bank is also active in Solar and Hydro financing in both North America and Latin America. www.nordlb.com.
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Media Contact
First Wind:
John Lamontagne
857-226-5149
jlamontagne@firstwind.com
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