First Wind, Algonquin Power and Utilities, and Emera have signed an agreement to jointly construct, own and operate wind energy projects in the north-east US.

First Wind’s wind developments will include five operating projects and two projects near completion with a total capacity of 370MW.

The assets will become part of an operating company that will be 51% owned by First Wind, and the remaining 49% will be jointly owned by Northeast Wind, a joint venture company formed by Emera and Algonquin.

Northeast Wind will invest $333m to acquire the 49% ownership of the operating company.

Emera will finance the transaction through existing credit facilities subject to lender approval.