Boston, December 19, 2011 – First Wind, an independent U.S.-based wind energy company, obtained $210 million in financing for the company’s subsidiary, Palouse Wind, LLC, the owner of the 105 MW Palouse Wind project located in northern Whitman County, Washington.
With financing in place, First Wind will continue on schedule with construction of the energy facility with the capacity to generate enough clean energy to power about 30,000 Northwest homes, equal to the total energy load of all of Whitman County.
As part of the financing, Palouse Wind, LLC closed a nearly $170 million construction and term facility loan, and letters of credit of up to $40 million. KeyBank National Association served as the joint lead arranger and administrative agent, and Nordduetsche Landesbank Girozentrale, CoBank ACB, and Banco Santander served as joint lead arrangers.
The project will feature 58 Vestas 1.8 MW wind turbines with a generating capacity of about 105 MW of electricity. The energy from the Palouse Wind project will power local homes and businesses through a power purchase agreement with Avista.
Located on Naff Ridge between the town of Oakesdale and Route 195, the wind power generated from the project will interconnect to the Avista 230 kV Benewah-to-Shawnee transmission line. This will be the first wind project built in Avista’s service territory and it will help Avista achieve its goal of meeting Washington State’s renewable portfolio standard.