First Wind has refinanced $42 million in outstanding construction debt on its 125MW Cohocton I wind farm in New York State. The developer increased leverage on the asset, with Bank of Tokyo Mitsubishi UFJ, Commerzbank, Deutsche Bank and Nord/LB participating in a new 7.5-year financing that closed earlier this month.
The original $95.5 million non-recourse term loan was provided by Nord/LB and HSH Nordbank in March 2009 with an interest rate of 4.26% (Libor plus 400bp) and..
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