First Wind’s 385 MW portfolio of wind energy projects in the Northeast U.S., including eight operating projects in Vermont, New York and Maine, have been transferred to Northeast Wind Partners. First Wind retains 51 percent and Emera now owns 49 percent of the new company. First Wind will serve as the managing partner and will continue to operate the wind energy projects. Emera affiliate Emera Energy Services will provide energy management services.
First Wind will exclusively manage the development business and as such continue to develop new wind projects in the Northeast. Once these projects meet certain eligibility criteria, First Wind has the ability to transfer up to an additional 1,200 MW of new projects into the new joint venture.
Emera has invested a total of $211 million to acquire 49 percent of Northeast Wind Partners. In addition, Emera is making a $150 million loan to an intermediate subsidiary company of Northeast Wind Partners, which will be repaid in five years. Emera will finance this transaction through existing credit facilities.
First Wind is an independent wind energy company exclusively focused on the development, financing, construction, ownership and operation of utility-scale wind projects in the United States. Based in Boston, First Wind has wind projects in the Northeast, the West and Hawaii, with the capacity to generate up to 751 megawatts of power and projects under construction with the capacity to generate up to an additional 229 megawatts.