First Wind Holdings LLC and Emera Inc. said they would jointly own and operate wind energy projects in the Northeast U.S. through a new company called Northeast Wind Partners.
The new company, which will be 51 percent owned by First Wind, will include First Wind’s 385-megawatt portfolio of wind energy projects in the Northeast, including eight operating projects in three states.
First Wind will manage the development business and continue to develop new wind projects in the Northeast. Once these projects meet certain eligibility criteria, First Wind has the ability to transfer up to an additional 1,200 megawatts of new projects into the new joint venture.
Emera has invested a $211 million to acquire 49 percent of Northeast Wind Partners. In addition, Emera is making a $150 million loan to an intermediate subsidiary company of Northeast Wind Partners, which will be repaid in five years. Emera will finance this transaction through existing credit facilities.
In the last six years, First Wind has built eight projects in the Northeast. The completion of the joint venture could lead to up to $3 billion in future economic investment in the region in the coming years, the companies said in a statement.
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