First Wind gets $236M loan for Kawailoa project

The company developing the state’s largest wind energy project on Oahu’s North Shore said it has obtained $236 million in financing for the facility.

Boston-based First Wind began work on the 69-megawatt Kawai­loa Wind project in December and plans to have it completed by the end of 2012.

A subsidiary of First Wind recently closed a $220 million construction and term loan and $16 million in letters of credit for the Kawai­loa project.

Kawailoa Wind’s 30 wind turbines will have the capacity to generate enough renewable wind energy to power about 14,500 homes on Oahu. First Wind owns and operates two other projects in Hawaii, a 30-megawatt facility in Kahuku and a 30-megawatt facility on Maui. First Wind is near completion of a 21-megawatt expansion of the Maui wind project.