The project, which started 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 Holdings to pay the costs associated with the procurement and installation of the 50 Clipper turbines operating in Cohocton.
The Cohocton project is expected to produce enough clean, renewable electricity to power about 50,000 homes in New York state per 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.
“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 Holdings’ 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.”
