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First Wind has announced that it has obtained US$ 236 million in financing for its 69MW Kawailoa Wind project on Kamehameha Schools’ Kawailoa Plantation lands on Oahu’s North Shore, Hawaii.

A subsidiary of First Wind closed a US$ 220 million non-recourse construction and term loan and US$ 16 million in letters of credit for the Kawailoa project. Union Bank served as Administrative Agent and Joint Lead Arranger. Other Joint Lead Arrangers include Bayern LB, Rabobank and Siemens Financial Services. CIBC and CoBank also participated in the financing. Early construction work began on the project in December of 2011 and has progressed steadily. The project is expected to be completed by the end of 2012. Major construction work, including delivery and erection of turbines, is expected to commence in the summer of 2012.
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