First Wind gets $76 million for Vt. wind project

Posted Dec. 23, 2010, at 5:21 p.m.

SHEFFIELD, Vt. — The developers of a wind farm in Vermont’s northeast kingdom say they’ve obtained $76 million in financing and are forging ahead with construction.

Boston-based First Wind, which is building a 40-megawatt wind project in Sheffield, started construction on the project in September. On Thursday, the company announced that it has closed on a $71.3 million construction loan and a $4.5 million letter of credit for its Sheffield Wind project.

The 16-turbine project is expected to produce enough electricity to power more than 15,000 homes.