UPC Wind, the Massachusetts-based wind power producer, announced it received equity financing from JPMorgan and Wells Fargo Corp.
UPC’s project in Maine, the Mars Hill Wind Farm, became operational Monday but has a lot of debt attached to it, the Boston Globe reported.
“The Mars Hill Wind Farm is New England’s first utility-scale wind project. This innovative, well-sited project attracted highly reputable equity partners in JPMorgan and Wells Fargo, which underscores the stability and long-term health of our Mars Hill Wind Farm,” said Paul Gaynor, president and chief executive officer of UPC Wind.
JPMorgan Capital Corp. and WFC Holdings Corp. gave $44 million in funds to UPC. The Mars Hill Wind Farm was constructed early last year and generated 42 megawatts of energy, reducing carbon emissions by 65,00 tons per year.
“This investment is significant as it demonstrates the financial community’s serious commitment to developing and funding renewable resources of electricity generation,” Gaynor said.
Maine has the most wind power potential out of all the states in New England according to American Wind Energy Association wind pattern maps.
29 March 2007
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