First Wind Holdings and Emera have announced the completion of a joint venture (JV) company called the Northeast Wind Partners to jointly own and operate wind energy projects in the Northeast US.
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The JV, Northeast Wind Partners, will have First Wind as the managing partner while Emera Energy Services, an affiliate of Emera, will provide energy management services.
Emera has invested a total of $211m to acquire 49% in the JV where as First wind will own 51%.
Emera president and CEO Chris Huskilson said the company has partnered with First Wind to expand its presence in the Northeastern US.
"Our First Wind partnership helps Emera establish a meaningful position in the Northeast renewable energy market and is consistent with our corporate strategy. This partnership also allows us to demonstrate our commitment to Maine and the region both through existing and anticipated new Maine-based projects," Huskilson said.
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By GlobalDataFirst Wind CEO Paul Gaynor said the partnership will allow the company to invest in new, well-sited and well-run wind projects that deliver clean energy to homes and businesses across the Northeast.
"We see an enormous opportunity to continue to deliver cost-effective clean, renewable energy so that Northeastern states can meet their important renewable portfolio standards," Gaynor said.
"This transaction will be seamless for the communities where we work, but will mean new investment in the economy."
First Wind has transferred its eight operating wind projects of the 385MW portfolio to the JV and can transfer up to an additional 1,200MW of new projects.
First Wind will exclusively manage the development business and continue to develop new wind projects in the Northeast.
Emera is making a $150m loan to an intermediate subsidiary company of the JV which will be repaid in five years.
