Banks Commit $337 Million To Utah Wind Power Project (RBS, STD, KEY, CS, GE)

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An independent wind energy developer called First Wind announced today that it has obtained $376 million in financing for its wind generation project in Milford, Utah.  This is for a 203.5 MW project called the Milford Wind Corridor Phase I.

The Royal Bank Scotland plc (NYSE: RBS) was lead arranger for this loan.  Other banks which were listed as joint lead arrangers for the financing were Banco Santander (NYSE: STD), KeyCorp.’s (NYSE: KEY) KeyBank, Credit Suisse Group (NYSE: CS), Banco Espirito Santo, BNP Paribas, CoBank, HSH Nordbank, and Société Générale.  General Electric Co. (NYSE: GE) Wind Turbines will be used.

The Milford project will feature 97 wind turbines, including 58 units of the 2.5 MW Clipper Liberty turbines and 39 units of the 1.5 MW GE turbines. First Wind expects to complete construction of this project by the end of 2009.  The project is expected to generate up to 203.5 MW of clean energy upon its completion and will be one of the largest renewable energy facilities in Utah and the largest wind energy project in the state with the ability to power about 44,000 homes in Utah’s Millard and Beaver Counties.

Major construction on the project, along with an 88-mile transmission line to Intermountain Power Plant in Delta, began in late March. Project managers expect turbines to be erected in the early summer.

The project will also provide a source of clean energy to areas in southern California. First Wind has a 20-year power purchase agreement with the Southern California Public Power Authority on behalf of the Los Angeles Department of Water and Power and the cities of Burbank and Pasadena.