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First Wind withdraws IPO due to “unfavorable market conditions”

Boston-based First Wind Holdings Inc., which operates several wind farms in Hawaii, said yesterday it withdrew its initial public offering because of unfavorable market conditions.

The company had already postponed an offering of 12 million Class A shares at $18 to $20 each last month. First Wind, which planned to use proceeds to pay down debt and fund project development and construction, had earlier cut the per- share price of its IPO from as much as $26.

Wind turbine installations in the U.S., the world’s biggest market, dropped 75 percent in the third quarter as slowing demand for new sources of electricity and cheap natural gas made renewable energy less attractive, according to the American Wind Energy Association. First Wind and 60 other companies have postponed or withdrawn U.S. IPOs this year, data compiled by Bloomberg show.

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