First Wind lines up financing for construction for wind power in Lincoln

The company said it has closed on an $81 million construction loan and a $17 million letter of credit. Key Bank National Association and Norddeutsche Landesbank Girozentrale, based in Hannover, Germany, are the lead arrangers for the financing.

When the project goes into operation, JPM Capital Corp. will provide long-term capital to pay back the loan, the company said. The Rollins Mountain project is a 40 wind turbines wind farm being built on ridges in eastern Penobscot County.

First Wind said its ability to line up financing is an important milestone for Rollins Mountain. "It demonstrates the strength of this project and the viability of wind power in Maine," Paul Gaynor, First Wind’s CEO, said in a prepared statement.

Rollins Mountain will have a capacity of 60 megawatts and a 20-year contract for power sales, approved by the Maine Public Utilities Commission. It is scheduled to be on line early next fall.

By Tux Turkel, Portland Press Herald,