March 30, 2005 12:46 PM US Eastern Timezone
UPC Wind Announces Financing of Maui Wind Farm
BOSTON--(BUSINESS WIRE)--March 30, 2005--UPC Wind today announced that it has successfully concluded the financing of its 30 MW wind farm project on Maui, Hawaii. Through a wholly-owned affiliate, UPC Wind owns 51% of the project while Maui-based Makani Nui Associates owns the remaining 49%. Construction and term financing was arranged by HSH Nordbank, New York Branch. Headquartered in Germany, HSH Nordbank is active globally in financing wind projects. The project is expected to be in commercial operation in the first quarter of 2006.
"We are excited to have completed this important milestone," said Paul Gaynor, President & CEO of UPC Wind. "To date, this project has been an example of a constructive and fast-paced development effort among all of our partner constituents, including Maui Electric Company, Hawaiian Electric Company, State and County Government, the Maui community, and our lenders. We look forward to continuing this approach through construction and commissioning."
Mike Gresham, President of Makani Nui, stated: "As Maui-based partners we are proud to be sponsoring the development of this important renewable energy project with UPC Wind. We are excited about the benefits that this project will bring to our community and to our State. In addition to the direct environmental and economic benefits, there are many indirect benefits to be gained, such as lessening our dependence on imported oil, not just in our State but for our Country as well. We intend for this to be a model project that will demonstrate the benefits of renewable energy for our community."
Gresham added: "We also want to thank the Lingle administration for recognizing the importance of renewable energy to our State and to our island of Maui."
The Kaheawa Pastures project will be the first utility-scale wind farm put into service in Hawaii in the recent past. Last year, the State of Hawaii passed Renewable Portfolio Standard legislation, which supports the development of renewable energy sources. The State of Hawaii relies on imported petroleum for nearly 90% of its energy needs.
About UPC Wind (www.upcwind.com)
UPC Wind's professionals are experienced leaders in the wind industry. UPC Wind is based in Newton, Massachusetts, and has offices in Maine, Vermont, New York, California, and Hawaii.
About Makani Nui Associates
Makani Nui Associates is a Hawaii-based partnership formed by Kent Smith, who leads one of Maui's most respected real estate development companies, and Hilton Unemori, who heads ECM, Inc., a Maui-based electrical engineering consultancy.
Contacts
UPC Wind
Peter A. Gish, 617-964-3340 x11
