By Gary Thomas
Emera and First Wind Holdings have closed their joint transaction of owning and operating wind energy projects in the Northeast U.S. This transaction has been transferred to Northeast Wind Partners.
About 385 MW portfolio of First Wind's wind energy projects have been transferred to Northeast Wind Partners. Emera owns 49% and First Wind owns 51% of Northeast Wind Partners. First Wind will be the managing partner for Northeast Wind Partners and it will continue to handle the wind energy projects. Energy management services will be provided by Emera Energy Services, an affiliate of Emera. The development business and development of new wind energy projects will be handled by First Wind.
The CEO and President of Emera, Chris Huskilson stated that the company is pleased to collaborate with First Wind that develops wind energy projects with supreme quality. This collaboration with First Wind according to Huskilson allows Emera to establish its commitment to the existing and to be developed Maine-based projects.
The CEO of First Wind, Paul Gaynor stated that First Wind’s partnership with Emera will enable First Wind to invest in projects that would help in delivering clean energy to businesses and homes all over the Northeast, thus enabling the Northeastern states to fulfill significant renewable portfolio standards.
In the coming years an economic investment of $3 billion can be obtained after the completion of this joint venture. Eight projects have been built in the Northeast by First Wind and $211 million has been invested by Emera to obtain 49% of Northeast Wind Partners.