First Wind Holdings LLC, a closely held wind-farm developer, received a $220 million construction loan and $16 million in letters of credit for a project in Hawaii.
Construction began on the 69-megawatt Kawailoa project in December and it’s expected to be completed by the end of this year, Boston-based First Wind said today in a statement. Siemens AG is providing turbines and Hawaiian Electric Co. received approval in December from state regulators to buy the project’s electricity.
Union Bank NA, Bayern LB, Rabobank Groep NV and Siemens Financial Services Inc. led the financing. Canadian Imperial Bank of Commerce and CoBank ACB also participated, according to the statement.