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| PRESS RELEASE: UPC WIND SECURES EQUITY FINANCING |
| Equity Sale to Reduce Debt at UPC’s Mars Hill Wind Project in Maine |
| 03/28/2007 |
Boston, MA—March 28, 2007—UPC Wind, a leader in U.S. wind power production, today announced that it had secured equity financing for its Mars Hill Wind Farm. Proceeds totaling approximately $44 million were funded by JPMorgan Capital Corporation and WFC Holdings Corporation (affiliates of JPMorgan Chase & Co. and Wells Fargo, respectively) and will be applied to reduce project debt associated with the Mars Hill Wind Farm.
“ The Mars Hill Wind Farm is New England’s first utility-scale wind project. This innovative, well-sited project attracted highly reputable equity partners in JPMorgan and Wells Fargo, which underscores the stability and long-term health of our Mars Hill Wind Farm,” said Paul Gaynor, President and CEO of UPC Wind. “This investment is also significant as it demonstrates the financial community’s serious commitment to developing and funding renewable sources of electricity generation.”
The Mars Hill Wind Farm began construction in the first quarter of 2006 and achieved full commercial operations on March 26, 2007. Today, Mars Hill supplies approximately 42 megawatts of clean wind-generated power. The electricity produced from the Mars Hill facility results in a reduction of approximately 65,000 tons of carbon dioxide and over 350 tons of other damaging pollutants every year.
About First Wind
First Wind is based in Newton, Massachusetts. First Wind is an American-owned company, with a proven track record of developing, owning, and operating well-sited, community-friendly wind farms that increase energy independence. For more information on First Wind, please visit www.firstwind.com.
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For more information, contact:
John Lamontagne
Director, Communications
First Wind
617-964-3340
About JPMorgan Chase & Co.:
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About WFC Holdings Corporation:
WFC Holdings Corporation is an affiliate of Wells Fargo & Company (NYSE: WFC). Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”
For more information, contact:
Travis Small
617-443-9933 x356
tsmall@rasky.com
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