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Brimfield turbine project still in the wind

November 02, 2010
BRIMFIELD — Despite a demonstrated lack of investor confidence last week, the company looking to build and operate a wind farm in Brimfield said the plan is still very much alive.

First Wind Holdings Inc., the Boston-based company planning to build between eight to 10 wind turbines, each 400 feet tall and producing up to 30 megawatts of electricity, on West Mountain, just north of Route 20, withdrew an initial public offering (IPO) after it failed to gain investors.

The company could not attract enough investor interest even after it cut its initial offering of between $24 and $26 per share down to between 18 to $20 a share, according to MarketWatch, a financial news service.

"While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company," company chief executive Paul Gaynor said in a written statement. "First Wind is well positioned to grow in its core markets. We have a successful track record developing, building, financing and operating our portfolio of projects in the Northeast, the West and Hawaii."

Investors may have been scared off by the amount of debt First Wind holds. According to an Aug. 18 Security and Exchange S-1 filing, the company submitted as part of the process of going public, First Wind states, "As of June 30, 2010, we had gross outstanding indebtedness of approximately $516.9 million."

John Lamontagne, Director of Communications of First Wind Holdings Inc., said this week that the failure to gain investors will not impact the company's plans for the Brimfield project.

For more on this story, please see tomorrow's Southbridge Evening News.

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