A Canadian investment firm has acquired the roughly $150 million Weaver Wind project in Hancock County and intends to begin installing turbines on the state’s newest wind farm in February.
The land-based wind farm project, which has been in planning stages for five years, is scheduled to be up and running by October 2020. It will comprise 22 turbines and is expected to produce 72.6 megawatts of wind energy, enough to power 15,000 to 20,000 Maine homes annually. The developer has signed a 20-year contract to sell its wind power to electric utility Emera Maine.
The firm, Fengate Asset Management of Toronto acquired the project from Longroad Energy Partners, which will continue to build and then operate the wind farm as a contractor. The purchase price was not disclosed.
When completed, the Weaver Wind project is expected to further boost Maine’s status as northern New England’s largest producer of wind power and add about 8 percent to the state’s total wind power generation capacity.
The project’s developers already have received approval from the state Department of Environmental Protection and said they plan to begin installing wind turbines in February.
“It’s quite busy right now,” said Longroad Chief Development Officer Matt Kearns, the Weaving Wind project’s lead developer, who works at the company’s Portland control center where hundreds of solar wind projects are managed. “We’re working through the winter.”
FOUR YEARS OF TESTING
Fengate is a 45-year-old asset management firm specializing in infrastructure that is based in Canada with offices in Ontario, British Columbia, Texas and New York. It has been working with Longroad since spring of this year, when the two companies signed an agreement to co-develop and finance the Weaver Wind project.
Longroad was founded by the former principals of Boston-based First Wind, Maine’s largest wind power developer, which they sold in November 2014 to Missouri-based renewable energy firm SunEdison for $2.4 billion. First Wind has invested nearly $2 billion over the past decade in nine Maine wind farm projects that produce a total of roughly 700 megawatts.
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