One company appears to be dominating Maine's growing wind sector -- First Wind. The company recently completed construction financing for its latest project, the 34-megawatt Bull Hill Wind farm in Hancock.
Through loans and lines of credit, First Wind secured $76 million. With the financing in place it will move forward with construction on the renewable energy project.
The wind farm, which will generate enough energy to power 18,000 homes, is expected to be operating by the end of 2012. The output will be sold to NSTAR, a utility that delivers electricity to 1.1 million customers in Massachusetts.
Paul Gaynor, CEO of First Wind, said, "We are excited to complete the financing and start construction of the Bull Hill Wind project, which will be our fifth wind project in Maine to achieve commercial operations. The project will expand our capacity to generate clean, renewable energy in Main to nearly 220 megawatts."
First Wind's business future in Maine looks very good. In January, the state Department of Environmental Protection approved the Boston-based developer's 150 MW Oakfield Wind project. Oakfield will represent the state's largest wind farm if it is completed, eclipsing the 132 MW Kibby Mountain wind facility.
Maine has a Renewable Portfolio Standard requiring utilities to source 40% of their electricity from renewable sources by 2017.
Image credit: First Wind
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