Financing for Maine Wind Farm Brings Green Jobs and Boost to Local Economy

First Wind announced that it has obtained $98 million in financing for its 60 Megawatt (MW) Rollins Wind project in Penobscot County, Maine.

The company announced that the project construction will bring 200 construction jobs, however, The Green Job Bank's estimate is closer to 100 jobs, based on other projects of comparable size. The number of full-time jobs when the wind farm is operational is estimated to be 18.

“These financings are important milestones in the development and construction of our Rollins Wind project,” said Paul Gaynor, CEO of First Wind. “It demonstrates the strength of this project and the viability of wind power in Maine. We appreciate the commitment of our financial partners, which will help First Wind deliver clean, renewable energy for Maine residents and businesses, as well as significant economic benefits in terms of construction jobs, local tax revenues and work for local businesses. First Wind has worked hard to develop and build the Rollins project the right way. These financings show that the capital markets recognize that this is a strong, well-planned project.”

expansion of its Milford, Utah project, and $12 million for its Steel Winds facility in Lackawanna, NY.

Four local communities near the project (Lincoln, Lee, Burlington and Winn) are slated to receive on average, an estimated combined tax payment of $785,000-a-year for the next 30 years – more than $24 million in total. Maine-based contractor Reed & Reed began construction on the project in September and is hiring mostly Maine-based businesses and subcontractors to work on the project. The project is expected to be online and operating sometime in the early fall of 2011.

“First Wind has been researching the siting of this project for more than six years and spent more than $4 million with Maine businesses to conduct studies looking at everything from economic benefits to environmental impacts,” Gaynor added. “We appreciate the excellent support we’ve received from the vast majority of the people in the region, and we look forward to being excellent community partners. This project is being built to the highest standards in the industry and we expect it to be used as a model for wind turbine siting for similar projects moving forward.”

Read the full text of the press release. December 7, 2010.

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