Located in Aroostook County, work on the 148 MW wind project will include the installation of 48 Vestas V-112 turbines. The clean, cost-competitive power that will be generated by the project is contracted to be sold to four Massachusetts utilities as part of a 15-year contract.
Paul Gaynor, CEO of First Wind stated:
First Wind is excited to be building the Oakfield Wind project, which is not only our sixth project in Maine, but what will be our largest project to bring clean, cost-competitive renewable energy to New England. The Oakfield project has been something we’ve wanted to build for almost a decade, and we’re thrilled to say that it will be finished by the end of next year. We appreciate the long-term support from the community leaders and residents of Oakfield and Aroostook County.
The financing package for the combined wind farm and generator lead, with a total construction cost of approximately US$369 million, includes a US$237 million construction loan and US$132 million of equity contribution. KeyBank National Association served as the joint lead arranger and administrative agent on the construction loan.
Once complete, the Oakfield Wind project will increase the total capital expenditures made by First Wind for wind projects sited in Maine to over US$1 billion. The company currently has five operational wind projects in Maine including the 42 MW Mars Hill Wind project, the 83 MW Stetson Wind I and II projects, the 60 MW Rollins Wind project, and the 34 MW Bull Hill Wind project.
First Wind also has three wind projects in advanced development including the 51 MW Hancock Wind project in Hancock County, the 48 MW Bowers Wind project in Penobscot and Washington Counties, and the 186 MW Bingham Wind project in Somerset County.