Alternative Energy - Monday, August 4, 2008
First Wind Files For $450M IPO
First Wind (fka UPC Wind) filed to raise up to $450M in an IPO. The Newton, MA-based wind energy company has raised $230M in project financing and tax equity to date.
First Wind runs 3 wind farms in the US - in the Northeast, West and in Hawaii. Together they produce 92 megawatts. First Wind has a further 182 megawatts of capacity under construction and a pipeline of over 5K megawatts.
Boston-based First Wind won equity financing for its Mars Hill Wind Farm in Maine last March. Proceeds were approximately $44M in funded by JPMorgan Capital and WFC Holdings (Wells Fargo). The investment went towards reducing debt on UPC's Mars Hill Wind Farm in Maine, which it says is New England's first utility-scale wind project.
In May 2006, DE Shaw and Madison Dearborn Partners "made a significant investment in UPC Wind while the firm's original investors retained a substantial stake in the company."
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They didn't win equity for their Mars Hill project, they refinanced construction debt with tax equity, which is not equity, but essentially debt designed to look like equity for the purposes of the Internal Revenue Service, which for some insane reason the US government has entrusted with administering the US renewable energy incentive regime. I must say that $450 million for a 92MW producer strikes me as rather ambitious, given uncertainty over tax, turbine, and utility issues, not to mention the subpoena they received from Andrew Cuomo. Good luck to them.
Posted by: Gari N. Corp at August 6, 2008 12:44 PM
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