First Wind Gets $76 Million in Financing to Build Maine Project

First Wind Holdings LLC, a closely held energy developer, received $76 million in financing to build a wind farm in Maine.

Union Bank NA, a unit of Mitsubishi UFJ Financial Group Inc. (8306), provided a $70 million non-recourse construction loan and $6 million in letters of credit, Boston-based First Wind said today in a statement.

First Wind’s 34-megawatt Bull Hill project in Hancock County will use 19 Vestas Wind Systems A/S (VWS) 1.8-megawatt turbines and is scheduled to begin delivering electricity to Northeast Utilities (NU) by the end of 2012.

Union Bank will buy Bull Hill when it’s complete and lease it back to First Wind, according to the statement.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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