AUGUSTA, Maine — The owner of several northern New England wind power projects says Maine utility regulators have agreed to a transaction involving the owner of Bangor Hydro-Electric Co.
First Wind said Tuesday the Public Utilities Commission has approved, with conditions, the deal in which Emera Inc. of Nova Scotia will invest more than $300 million to have a 49 percent stake in First Wind’s Northeast project portfolio. First Wind says that includes eight projects in Maine, New Hampshire and Vermont. Emera will form a joint venture with Algonquin Power and Utilities Corp.
The PUC has not yet issued a final order on the transaction. First Wind, based in Massachusetts, says it looks forward to reviewing the complete written decision, but it’s encouraged by the PUC’s deliberations and is eager to move forward.