SunEdison Closes Deal And Begins Construction On 185 MW Wind Project In Maine

The world’s largest renewable energy company and regular deal-maker SunEdison has announced that it has closed financing and begun construction on a 185 MW wind energy project set to be developed in Maine, US.

The Bingham Wind Project is set to be located in Somerset County, and upon completion is expected to be the largest of its kind in the New England area. Electricity generated by the Bingham plant is expected to be enough to power 65,000 homes in the area, and will be sold to three New England utilities — Eversource, National Grid, and Unitil — through 15-year power purchase agreements.

“The Bingham wind farm is our largest wind project in Maine, and once completed should bring our total wind-generation capacity in the state to 552 megawatts,” said Paul Gaynor, SunEdison executive vice president of the Americas and EMEA. “SunEdison has made a major commitment in Maine’s renewable energy future, and that commitment creates new local jobs and incremental tax revenues for the state, as well as long term stable and competitive electricity prices for rate payers. Bingham is a fantastic example of how good policies can create great economic and environmental results.”

Financing for the wind project and generator lead is set at $360 million, with total construction cost sitting at $420 million.

“We are very pleased to have played a leading role in SunEdison’s financing of the Bingham project,” said Andrew Redinger, managing director and head of KeyBanc Capital Markets’ Utilities, Power & Renewable Energy Group. “The Bingham project promises to be an excellent source of renewable power for New England, and we’re glad it has started construction.”

The news came a day before it was announced that SunEdison would sign a Memorandum of Understanding with Gamesa to develop up to 1 GW of wind power plants, in a 50/50 joint venture.