US based renewable energy company SunEdison has commenced construction on the $420m Bingham Wind project in Maine, US.
The company has teamed up with engineering and construction company Reed & Reed for the construction of the 185MW project.
The company said that it has raised $360m in funding from KeyBanc Capital, which served as the joint lead arranger along with KeyBank National Association , which acted as administrative agent on the construction loan for the project.
Once operational, the wind power project will generate enough energy to meet the needs of more than 65,000 homes.
Electricity produced by the wind farm will be sold to three local utilities in New England, US which includes Eversource, Unitil,and National Grid.
The company also highlighted that the wind energy will be purchased through separate 15-year power purchase agreements that were awarded in a competitive bidding process.
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By GlobalDataSunEdison executive vice president EMEA Paul Gaynor said: "The Bingham wind farm is our largest wind project in Maine, and once completed should bring our total wind-generation capacity in the state to 552MW.
"SunEdison has made a major commitment in Maine’s renewable energy future, and that commitment creates new local jobs and incremental tax revenues for the state, as well as long term stable and competitive electricity prices for rate payers. Bingham is a fantastic example of how good policies can create great economic and environmental results."
