First Wind - Kawailoa Wind Farm
Project financing solution for Kawailoa Wind Farm
First Wind, an independent US based wind energy company, required financing to install a 69 MW project expected to satisfy up to 5 percent of Oahu's electric demand. With financing needs of up to $236 million required - First Wind needed to turn to financial providers they knew and trusted. A unique market due to its remote location, First Wind faced an additional challenge here in terms of gaining financial support.
First Wind turned to Union Bank as lead administrative agent and selected three other joint lenders to assist in the project. As a joint lead financier, SFS was actively involved in the structuring, negotiation and execution of the project's financing. Siemens Energy also contributed thirty 2.3 MW wind turbines with the capacity to generate enough clean, renewable wind energy to power approximately 14,500 homes.
First Wind is the largest developer of renewable energy projects in the state of Hawaii. The financing provided by Siemens allowed the project to begin on an ambitious schedule with completed construction date of 2012.
Siemens's joint financing enabled the operation of Hawaii's largest wind energy facility. In addition, the project assisted the power purchaser, utility Hawaiian Electric Company (HECO), in meeting aggressive statewide renewable energy portfolio standards.