First Wind finances 148 MW wind farm in Maine

Maine’s largest wind power developer says it has secured finances for a $400 million project in Aroostook County.

First Wind says the Oakfield project is expected to produce 148 megawatts of renewable energy, or enough for about 50,000 homes. It says construction, which is anticipated to support 300 jobs, is on schedule.

First Wind says it will pay $27 million in tax and community benefit payments to the town of Oakfield and the surrounding communities over the next 20 years.

The construction is being financed with a $236 million construction loan and $133 million of equity contribution. The wind project is expected to be completed and facilities operational at the end of 2015.

The company currently has five operational wind projects in Maine.