Emera, First Wind close on Northeast Wind transaction
First Wind's 385 MW portfolio of wind energy projects in the Northeast U.S., including eight operating projects in three states, have been transferred to Northeast Wind Partners
Boston, June 15, 2012 — First Wind and Emera Inc. announced the closing of their transaction to jointly own and operate wind energy projects in the Northeast U.S. through a new company called Northeast Wind Partners.
First Wind's 385 MW portfolio of wind energy projects in the Northeast U.S., including eight operating projects in three states, have been transferred to Northeast Wind Partners. First Wind retains 51 percent and Emera now owns 49 percent of the new company.
First Wind will serve as the managing partner and will continue to operate the wind energy projects. Emera affiliate Emera Energy Services will provide energy management services. First Wind will exclusively manage the development business and as such continue to develop new wind projects in the Northeast. Once these projects meet certain eligibility criteria, First Wind has the ability to transfer up to an additional 1,200 MW of new projects into the new joint venture.
Emera has invested a total of $211 million to acquire 49 percent of Northeast Wind Partners. In addition, Emera is making a $150 million loan to an intermediate subsidiary company of Northeast Wind Partners, which will be repaid in five years. Emera will finance this transaction through existing credit facilities.
In the last six years, as First Wind has built 8 projects in the Northeast, more than 1,500 people have worked on construction of First Wind projects and nearly 100 operations, maintenance, and development people work full time in the region. The completion of the joint venture could lead to up to $3 billion in future economic investment in the region in the coming years.