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First Wind sells majority stakes in two US wind farms

CTBR Staff Writer Published 12 December 2014

J.P. Morgan Asset Management has acquired majority stakes in First Wind's 105MW Palouse wind farm in Washington and the 150MW Route 66 project in Texas.

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Located near Oakesdale town, the Palouse project features 58 Vestas V100 1.8MW turbines that started commercial operations in December 2012.

The output from the project connects to the Avista 230kV Benewah-to-Shawnee transmission line.

Energy firm Avista is purchasing the power generated from the project, which will provide enough energy for about 30,000 homes in Eastern Washington.

The Route 66 wind farm, which is currently under construction near Amarillo, features 75 Vestas V110 2MW turbines.

The wind farm, which will power about 49,000 homes per year, will deliver energy to the Electric Reliability Council of Texas market.

Construction on the wind farm started in late 2013 with planned completion in 2015.

First Wind said it will continue to operate and manage both the projects.

First Wind CEO Paul Gaynor said: "Attracting strong investors such as those advised by J.P. Morgan Asset Management reinforces that First Wind is building high-value, financially viable projects.

"This transaction also provides First Wind capital to continue our efforts to develop and build new clean energy projects.

"First Wind will continue to operate the projects, as we grow our operations capabilities. We will continue to focus on serving our local communities in Washington and Texas while generating cost-competitive clean energy to homes and businesses."

Image: The Palouse project features 58 Vestas V100 1.8MW turbines located near Oakesdale town. Photo: Courtesy of First Wind.