After receiving $236 million in financing, First Wind can move Hawaii's largest wind project closer to completion.
The 69-megawatt wind farm will be located on Kamehameha Schools' Kawailoa Plantation land on Oahu's North Shore. Construction on the facility began last December and is expected to be completed by the summer of 2012. The farm will use 30 2.3 MW Siemens wind turbines, which will have the capacity to generate enough energy to power 14,500 homes.
Lance Markowitz, Senior Vice President at Union Bank -- the lead arranger for the financing -- said: "The Kawailoa Project will play an important role in Hawaii's increasing energy independence and is yet another example of First Wind's ability to develop unique and innovative projects."
Finding local sources of energy is essential for isolated regions like the Hawaiian islands. As of 2009, Hawaii relied on imported oil for 90% of its energy needs. The state routinely pays the highest electricity prices in the United States as well. In order to change this, the government has issued an ambitious to generate 70% of their energy from renewable energy sources.
First Wind has been a big player in the state's plan. Besides its Kawailoa project, the wind company has two other installations in the state -- the 30 MW Kahuku Wind Project in Oahu and the 30 MW Kaheawa Wind Power Project in Maui.
Image credit: First Wind
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