First Wind Secures $210M for Eastern Washington Wind Farm

Source:  Michelle Lang, TechFlash, December 19, 2011.

Boston-based wind energy company First Wind Holdings Inc. has taken in a $210 million funding round to support its subsidiary, Palouse Wind LLC. The Portland, OR-based subsidiary will use the financing to continue building its 105 MW Palouse Wind project in Whitman County, Wash., the company said in a news release today.

The $210 million funding includes a construction and term facility loan of $170 million, plus up to $40 million in lines of credit. The Palouse Wind project has 58 Vestas 1.8 MW wind turbines, generating about 105 MW of power in total, to be used in providing electricity for residential and commercial applications. The wind project, which may be operational by the end of 2012, is expected to bring in about $12 million in property tax revenue over the next 20 years for the county.