First Wind announced yesterday that financing is now complete for its 69-megawatt Kawailoa Wind project in Hawaii. This wind project is the largest in the state and will be located on Kamehameha Schools’ Kawailoa Plantation lands on Oahu’s North Shore.
As reported previously here on CleanTechnica, construction of the Kawailoa Wind project began in December and is expected to be completed by the end of 2012.
“A subsidiary of First Wind closed a $220 million non-recourse construction and term loan and $16 million in letters of credit for the Kawailoa project,” First Wind wrote yesterday. “Union Bank served as Administrative Agent and Joint Lead Arranger. Other Joint Lead Arrangers include Bayern LB, Rabobank and Siemens Financial Services. CIBC and CoBank also participated in the financing.”
Once complete, the 30-turbine wind project will generate enough power for up to roughly 14,500 homes on the island, approximately equal to 5% of Oahu’s annual electrical demand.