Boston-based First Wind closed on a $369 million financing package Thursday, allowing the wind power developer to pursue the Oakfield Wind project in Aroostook County.
The financing includes a $237 million construction loan and $132 million of equity contribution, according to a news release from the company.
With the last piece of financing in place, the company intends to have the 48-turbine wind farm operational by the fourth quarter of 2015.
The power generated from the project – 148 megawatts – is contracted to be sold to customers of four Massachusetts utilities as part of a 15-year agreement, and is expected to generate enough energy to power the equivalent of about 50,000 New England homes.
According to the company release, the project will create about 300 jobs during its construction phase and provide $27 million in tax and community benefits to Oakfield and its region over 20 years.
The is First Wind’s sixth wind power project in Maine.
A ruling on permits for another of its projects, the Bowers Mountain project in Washington and Hancock counties, is expected Friday from the Maine Board of Environmental Protection.