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| PRESS RELEASE: FIRST WIND CLOSES TWO FINANCINGS TOTALING $191 MILLION |
| Completes $115 million financing with Alberta Investment Management Corporation, $76 million financing with HSH Nordbank for Stetson project |
| 07/21/2009 |
First Wind, an independent developer and operator of wind power in the United States, today announced that it has closed two financing transactions for a total of $191 million. The first is an eight-and-a-half-year $115 million term loan facility from Alberta Investment Management Corporation (“AIMCo”).
The second is a $76 million one-year loan with HSH Nordbank for First Wind’s Stetson project. Proceeds from the financing transactions will be used to further First Wind’s development activity and for general corporate purposes.
“These investments in First Wind in the midst of very difficult financing markets show confidence in First Wind’s ability to continue to develop, build, and operate wind farms in our target markets,” said First Wind CEO Paul Gaynor. “It also shows that AIMCo and HSH Nordbank are committed to making major investments in clean, renewable energy.”
“We are impressed by the First Wind team and their ability to deliver value on their portfolio of operating and growth wind assets,” said Ben Hawkins, Principal, Infrastructure Investments for AIMCo. “We believe this financing will allow First Wind to continue to exercise on its growth plans and create value in this exciting sector.”
First Wind currently has five operating wind projects totaling 274 megawatts (MW) in three states – two in Maine, two in New York and one in Hawaii. It also has a 200 MW project in construction in Utah.
First Wind’s Stetson project commenced operations in January 2009. It is currently the largest operating wind farm in New England. It consists of 38 GE 1.5 MW turbines outside of Danforth, Maine. First Wind has received permits to begin a 25.5 MW expansion of the Stetson project.
First Wind is a leading independent wind power developer backed by affiliates of the D. E. Shaw group and Madison Dearborn Partners.
About First Wind
First Wind is based in Newton, Massachusetts. First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects since 2002. For more information on First Wind, please visit www.firstwind.com. Follow us on Twitter @firstwind.
About AIMCo
Alberta Investment Management Corporation (AIMCo), based in Edmonton, Alberta, is one of the largest institutional investment management firms in Canada, with C$68 billion in assets under management as of March 31, 2009. AIMCo manages capital for public sector pension plan and government endowment fund clients across a wide variety of asset classes. For more information on AIMCo and its investments, please visit www.aimco.alberta.ca.
About the D. E. Shaw group
The D. E. Shaw group is a global investment and technology development firm with more than 1,700 employees, approximately $29 billion in investment and committed capital as of July 1, 2009, and offices in North America, Europe, and Asia. The U.S. private equity unit focuses on growth and buyout opportunities in the United States across all levels of the capital structure and across many industry sectors. Its highly structured approach is supported by its flexible capital base, extensive deal sourcing network, and firmwide investment synergies. For more information on the D. E. Shaw group, please visit www.deshaw.com.
About Madison Dearborn Partners, LLC
Madison Dearborn Partners, LLC, based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. The principals of MDP manage funds with more than US$18 billion in equity commitments. Since its inception in 1992, Madison Dearborn has invested in more than 100 companies. MDP invests in businesses across a broad spectrum of industries, including basic industries, communications, consumer, energy and power, financial services, and health care. For more information, please visit the MDP website at www.mdcp.com.
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Media Contacts:
First Wind:
John Lamontagne
857-226-5149
jlamontagne@firstwind.com
AIMCo:
Shauna MacDonald
Brookline Public Relations for AIMCo
(403) 538 5645
smacdonald@brooklinepr.com |
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