First Wind has received $98m in financing for its 60MW Rollins Wind project in Maine, US, including a $81m non-recourse construction loan and a $17m letter of credit facility.
Key Bank National Association (KeyBank) and Norddeutsche Landesbank Girozentrale (Nord/LB) are the joint lead arrangers for the financing.
The 125MW Maine plant is expected to become operational towards the end of 2011.
With completion of the project, the Lincoln, Lee, Burlington and Winn communities in its vicinity will receive tax payments for the next 30 years amounting to over $24m in total.
The Rollins project has received approvals from the Maine Department of Environmental Protection, Board of Environmental Protection, Maine Public Utilities Commission and Maine Supreme Court.