First Wind, Emera formalize venture
In April, the Maine Public Utilities Commission approved the venture, despite its staff recommendation to oppose it. The staff said the venture could lead to higher energy prices. Still, the PUC backed the project, citing potential economic benefits.
June 19, 2012
by Jessica Hall
in Portland Press Herald
They say their joint venture could lead to as much as $3 billion in future investment.
First Wind Holdings LLC and Emera Inc. say they have formalized a venture to jointly own and operate wind energy projects in the Northeast through a new company called Northeast Wind Partners.
Emera has invested $211 million to acquire 49 percent of Northeast Wind Partners. Emera also is making a $150 million loan to a subsidiary of Northeast Wind Partners, to be repaid in five years.
Halifax-based Emera owns Maine utilities Bangor Hydro Electric Co. and Maine Public Service Co.
"This is a really good movement to secure... [continue via Web link]