First Wind Holdings LLC, a wind energy developer with major investments in Maine, today canceled its plans to go public after its stock failed to gain the price the company was seeking.

The Boston-based company had hoped to raise as much as $312 million from its initial public offering, by offering 12 million shares of stock and pricing each share between $24 and $26. Earlier this week, it cut the estimated price range to $18 to $20 a share.

Late this morning, the company announced it was cancelling the sale and released this statement:

“While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company,” said Paul Gaynor, CEO of First Wind. “First Wind is well positioned to grow in its core markets. We have a successful track record developing, building, financing and operating our portfolio of projects in the Northeast, the West and Hawaii.”


In Maine, First Wind operates two of New England’s largest wind farms, in Aroostook County and Washington County. It broke ground last month for another project near Lincoln.

The company had planned to use money from the stock offering to pay debt and fund future growth.

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