First Wind locks down project financing

First Wind, parent company of the Palouse Wind firm building a wind farm on Naff Ridge, received financing for the project Monday from Key Bank.

The firm announced a $170 million construction and term facility loan and letters of credit for up to $40 million.

“We’re excited to be building our first project in the Northwest, and we are grateful for the support we have received from the local community and Whitman County to help us advance this project,” said Paul Gaynor, CEO of First Wind.

The project is located in northern Whitman County, between Oakesdale and Highway 195.

Preparation work began in October, with RMT Inc. as the lead contractor, and was ongoing as of press time. Erection of the 58 turbines on the wind farm is expected next year.

A First Wind news release said the financing from Key Bank will allow construction on the project to continue on schedule.

“We applaud First Wind’s long term dedication that brings significant investment to Eastern Washington,” said Andrew Redinger with Key Bank.

Avista has signed a 30-year deal with Palouse Wind to purchase as much as 100 megawatts of power from the wind farm and an average of 40 megawatts, enough to power about 30,000 homes.