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First Wind gets $236M loan for Oahu wind project

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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, according to company officials.

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.

Once completed Kawailoa Wind will be the largest wind energy facility in Hawaii. The project’s 30 wind turbines will have the capacity to generate enough renewable wind energy to power the equivalent of about 14,500 homes on Oahu.

First Wind owns and operates two other wind energy projects in Hawaii, a 30-megawatt facility in Kahuku and a 30-megawatt facility on Maui. First wind is nearing completion on a 21-megawatt expansion of the Maui wind project.

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