Vestas wins 148MW Oakfield in US
First Wind, the US-based developer, has chosen Vestas as turbine supplier for its 148MW Oakfield wind project in northern Maine, it confirmed Thursday.
First Wind divulged its turbine choice for Oakfield – 48 Vestas V112 machines – alongside the announcement that it closed financing for the project, with full commercial operation slated for late 2015.
After First Wind’s statement, Vestas published a statement of its own “regarding” an unnamed 148MW project in the US.
Vestas said it will make a formal announcement on the order once it is firm and unconditional.
The financing package for Oakfield includes a $237m construction loan and $132m of equity contribution. KeyBank served as the joint lead arranger and administrative agent on the construction loan.
“By securing financing, we will be able to continue construction activities on our sixth wind project in Maine,” says First Wind chief executive Paul Gaynor. The company has made more than $1.25bn capital investment in the state.
Andrew Redinger, managing director and head of KeyBanc Capital Markets’ Utilities, Power & Renewable Energy Group, notes the financing “demonstrates the solid fundamentals of the wind project that will provide an excellent source of renewable power”.
Four Massachusetts electric utilities are purchasing all of Oakfield’s power under a 15-year contract.