First Wind will use investment to help develop wind power in Maine

Congresswoman Chellie Pingree today announced a $40 million federal grant for First Wind, a major wind power developer in Maine. The grant is a direct payment in lieu of tax credits, giving the developer important capital to finance new projects. The grant program is part of the stimulus package passed by Congress earlier this year.
 
“This money is going straight into the Maine economy to create jobs and stimulate business across the state,” Pingree said.
 
“First Wind is part of the growing clean energy industry in our state,” Pingree said. “It is an industry that is going to create new jobs and new sources of clean, renewable energy to Maine. I’m committed to helping develop this industry and this grant is going to give those efforts a big boost.”

The federal grant effectively gives First Wind the benefits of tax credits that would have been spread over the life of their Stetson Mountain project, but instead provides those credits in the form of an upfront grant.  

 “The economy and credit markets were nearly shut down earlier this year,” said Michael Alvarez, President and COO, First Wind. “With these grants, First Wind will reinvest in the US and Maine economy on new renewable energy projects that will create jobs, generate clean power, and help the United States gain energy independence. ”