First Wind's 385MW portfolio of wind energy projects in the Northeast US, including eight operating projects in three states, have been transferred to Northeast Wind Partners. First Wind retains 51 per cent and Emera now owns 49 per cent of the new company.
First Wind will serve as the managing partner and will continue to operate the wind energy projects. Emera affiliate Emera Energy Services will provide energy management services. First Wind will exclusively manage the development business and as such 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 1,200MW of new projects into the new joint venture. Emera has invested a total of US$ 211 million to acquire 49 per cent of Northeast Wind Partners. In addition, Emera is making a US$ 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.
First Wind will serve as the managing partner and will continue to operate the wind energy projects. Emera affiliate Emera Energy Services will provide energy management services. First Wind will exclusively manage the development business and as such 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 1,200MW of new projects into the new joint venture. Emera has invested a total of US$ 211 million to acquire 49 per cent of Northeast Wind Partners. In addition, Emera is making a US$ 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.