{"id":1004053032,"date":"2012-03-30T10:55:38","date_gmt":"2012-03-30T18:55:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=41744"},"modified":"2022-12-05T13:58:13","modified_gmt":"2022-12-05T21:58:13","slug":"first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\/","title":{"rendered":"First Wind Closes on $236M Loan for Hawaii\u2019s Largest Wind Project"},"content":{"rendered":"

\"\"<\/a>by Adriana Pop, Associate Editor<\/p>\n

First Wind announced it has obtained $236 million in financing to develop Hawaii\u2019s largest wind-energy project.<\/p>\n

The 69 megawatt (MW) Kawailoa Wind farm will be built on Kamehameha Schools\u2019 Kawailoa Plantation lands on the North Shore of Oahu. Once complete, the wind energy facility will have the capacity to power the equivalent of approximately 14,500 homes, satisfying about five percent of Oahu\u2019s annual electricity demand.<\/p>\n

A subsidiary of First Wind obtained funding through a loan of $220 million and $16 million in letters of credit. Union Bank took part in the financing as administrative agent and joint lead arranger, along with Bayern LB, Rabobank and Siemens Financial Services. CIBC and CoBank also participated, the company said in a recent statement.<\/p>\n

Paul Gaynor, CEO of First Wind, stated that the financing is an important milestone for the construction of the Kawailoa Wind farm. \u201cHawaii has a genuine commitment to having more renewable energy on the islands, and these banks recognize that this project will be an important component toward reaching that goal. We appreciate the commitment of our financial partners, which will help First Wind deliver clean, renewable energy for the benefit of Oahu residents and businesses,\u201d he said.<\/p>\n

In December 2011, the Hawaii Public Utilities Commission approved a power purchase agreement between First Wind and the Hawaiian Electric Company. Under the terms of the agreement, First Wind subsidiary Kawailoa Wind Power will sell the electricity generated by the wind farm\u2019s thirty 2.3 MW Siemens wind turbines to Hawaiian Electric at set prices over 20 years.<\/p>\n

On February 24, First Wind held the groundbreaking ceremony for the Kawailoa Wind farm. On this occasion, Dick Rosenblum, Hawaiian Electric Company president and CEO, commented that the project represents a significant step toward reducing the impact of imported oil on customers.<\/p>\n

Headquartered in Boston, First Wind is an independent wind energy company exclusively focused on the development, financing, construction, ownership and operation of utility-scale wind energy projects. The Kawailoa wind farm near Haleiwa is the company\u2019s fourth project in Hawaii. First Wind owns and operates the 30-megawatt Kaheawa wind farm on Maui and the 30-megawatt Kahuku wind farm on Oahu, and it is currently developing another project on Maui.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Adriana Pop, Associate Editor
\nFirst Wind announced it has obtained $236 million in financing to develop Hawaii\u2019s largest wind-energy project.
\nThe 69 megawatt (MW) Kawailoa Wind farm will be built on Kamehameha Schools\u2019 Kawailoa Plantation lands on the North Shore of Oahu. Once complete, the wind energy facility will have the capacity to power the equivalent […]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1588,21742],"tags":[],"class_list":["post-1004053032","post","type-post","status-publish","format-standard","hentry","category-honolulu","category-latest"],"acf":[],"yoast_head":"\nFirst Wind Closes on $236M Loan for Hawaii\u2019s Largest Wind Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Wind Closes on $236M Loan for Hawaii\u2019s Largest Wind Project\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor First Wind announced it has obtained $236 million in financing to develop Hawaii\u2019s largest wind-energy project. The 69 megawatt (MW) Kawailoa Wind farm will be built on Kamehameha Schools\u2019 Kawailoa Plantation lands on the North Shore of Oahu. Once complete, the wind energy facility will have the capacity to power the equivalent [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-30T18:55:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T21:58:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/First_Wind_2.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"First Wind Closes on $236M Loan for Hawaii\u2019s Largest Wind Project\",\"datePublished\":\"2012-03-30T18:55:38+00:00\",\"dateModified\":\"2022-12-05T21:58:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/\"},\"wordCount\":377,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/03\\\/First_Wind_2.jpg\",\"articleSection\":[\"Honolulu\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/first-wind-closes-on-236m-loan-for-hawaiis-largest-wind-project\\\/\",\"name\":\"First Wind Closes on $236M Loan for Hawaii\u2019s Largest Wind Project - 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