First Wind receives $76m financing for wind project in Vermont

First Wind has received $76m in financing for the construction of 40MW Sheffield wind project in Vermont, US.

As part of the financing, First Wind closed a $71.3m non-recourse construction loan and a $4.5m letter of credit facility for the project.

KeyBank National Association served as the sole lead arranger for the financing.

In addition to the financing, JPM Capital has executed a tax equity financing agreement for up to $60m with a subsidiary of First Wind.

Located in the Town of Sheffield in the Northeast Kingdom, the project is expected to bring clean, renewable power to Vermont homes and businesses.

Renewable power generated by the project will be sold through power purchase agreements to three Vermont utilities including the Burlington Electric Department, the Vermont Electric Cooperative and the Washington Electric Cooperative.

The general contractor on the project, RMT began construction on the project in mid-September and is expected to be online and operating sometime in the fall of 2011.