“We are honored to be recognized by Secretary Geithner and Secretary Chu as a positive example for the deployment of federal stimulus resources,” stated Gaynor. “The Obama Administration and the Congress have made it clear they are supportive of the renewable energy and energy efficiency sector and that support should spur private sector growth. Washington’s assistance sends a clear signal that investing in renewable energy projects is worthwhile.”
On Sept. 2, the Treasury and DOE announced several grants under Section 1603 of the Recovery Act including $115 million to First Wind. As part of the grant funding, a cumulative of over $74 million was awarded to First Wind’s 125 MW Cohocton Wind projects in New York and more than $40 million was awarded to First Wind’s 57 MW Stetson Wind project in Maine.
“In the months ahead, we will be able to put more people to work building more wind farms across the country, thanks to the Obama Administration and Congress who have implemented a thoughtful redesign of the existing tax credit program,” continued Gaynor. “We expect these grants will have a significant economic impact — not just for First Wind, but for the industry overall. We intend to reinvest funds to accelerate the development of new renewable projects that will create jobs, generate clean power and help the United States gain energy independence.”
One of the projects to receive funds through the grant program was First Wind’s 57 MW Stetson Wind project. Situated in Washington County, Stetson Wind has the capacity to generate clean wind energy to power about 23,500 New England homes each year. Currently the largest wind energy project in operation in New England, the project consists of 38 General Electric 1.5 MW wind turbines. The project officially began generating power on a commercial basis and delivering it to the New England electrical grid in January 2009. During construction of the project, Stetson Wind created 350 development and construction jobs, and First Wind spent about $50 million with Maine-based businesses developing and building the project. Mars Hill Mountain was the company’s first wind farm in Maine, with 28 turbines currently in operation.
Also receiving funding via two separate grants was the 125 MW Cohocton Wind projects in New York, which are comprised of two wind facilities including an 87.5 MW project and a 37.5 MW project, both located in Cohocton, N.Y. The two Cohocton Wind projects have the capacity to generate clean wind energy to power about 50,000 New York homes each year. Comprised of 50 of the 2.5 MW Clipper Liberty™ turbines, the two project sites began generating commercial electricity in January 2009 and are selling wind-generated power directly into the New York State power grid. Cohocton Wind projects created more than 200 development and construction jobs.
First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. First Wind is headquartered in Newton, Mass. For more information on First Wind, visit www.firstwind.com or follow us on Twitter @FirstWind.
First Wind CEO joins White House Renewable Energy Grants Roundtable
Paul Gaynor joins other renewable energy CEOs and leaders to discuss benefits of Recovery Act grants in restoring industry growth
WASHINGTON, D.C. — CEO Paul Gaynor, of First Wind, an independent North American wind power company, participated in a high-level roundtable discussion on Sept. 22, hosted at the White House by the U.S. Department of Treasury and the Department of Energy (DOE). Gaynor and other leading CEOs provided perspective on how the recent grants, distributed as part of the first round of funding via the American Recovery and Reinvestment Act (Recovery Act), have helped provide certainty and spur growth within the renewable energy sector.
