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First Wind to file final IPO-killing SEC papers  

Credit:  By Rodney Brown, Mass High Tech, www.masshightech.com 24 November 2010 ~~

First Wind Holdings Inc. has put the final, official nail in the coffin of its long-suffering initial public offering plans, through a planned filing with the U.S. Securities and Exchange Commission, the company announced today after the markets closed.

The Boston-based wind farm developer said it will file the required Form 25 with the SEC to withdraw all of the shares of common stock it was planning to offer for sale under the IPO. The offering was already essentially dead, as last month First Wind had said it was holding off pricing its IPO in the week everyone anticipated it would happen.

At the time, Paul Gaynor, CEO of First Wind, said in a statement that “the terms that the IPO market was seeking at this time were not attractive to the company.” That followed one day after the company said it expected shares to price in the range of $18 to $20, down from the previously expected range of $24 to $26. The company first filed its IPO intentions with the SEC in July 2008.

First Wind has developed wind projects that are operational in Maine, New York, Hawaii and Utah and is in the process of developing a project in Vermont. The company said in a filing that it operated seven projects, with a combined capacity of 504 megawatts, as of Sept. 30. First Wind said it had four projects under construction, totaling 232 megawatts.

First Wind’s operating revenue came in at $88.1 million for the first nine months of 2010, compared with $58 million a year earlier, the company reported in an SEC filing.

The company’s net loss widened on a year-over-year basis during the first nine months of the year, to $52 million from $47.2 million, the company reported.

Source:  By Rodney Brown, Mass High Tech, www.masshightech.com 24 November 2010

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

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