First Solar (FSLR) has grown into a $20 billion+ behemoth. So maybe that’s why “UPC Wind” changed it’s name to “First Wind” before filing for its IPO.
Either way, this new speculative toy–a company that develops, builds, and operates North American wind farms–will soon be on the market under the ticker “WNDY”. No word yet on if it is Boone Pickens-approved.
- $12 million of revenue in 2007 and $69 million of losses. Revenue in Q1 declined year over year, $2.6 million to $2.3 million.
- $190 million of property, plant, and equipment (turbines, etc.)
- 92MW (megawatts) of capacity in operation (in Hawaii, Maine and New York), and 182MW of wind capacity under construction.
- 720 MW at advanced development stage, 663MW at intermediate stage, and 3,907MW at early stage planning.
- $132 million in losses since inception, completed a $143.6 million tax equity financing in 2007, and a $208 million tax equity financing in January 2008.
- Current shareholders include management, DE Shaw and Madison Dearborn.
- First Wind wants to raise $450 million from the IPO.
- The company will use the cash to pay down its revolving credit and turbine supply loan, and fund additional development activity.
Lots of wind projects under development.
Bottom line: A huge capital hog that will likely take many years (if not forever) to generate a return on its capital investment. That said, also an 80 mph fastball thrown right over the heart of the alt-energy speculators’ plate.
We are a leading independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. As of June 30, 2008, our portfolio of wind energy projects included approximately 5,564 megawatts (“MW”) of capacity, of which 92 MW were operating and 182 MW were under construction. We expect to start construction on a 203 MW project in 2008 and, as a result, to be simultaneously constructing three wind energy projects representing 385 MW of capacity. Our goal is to have approximately 1,100 MW of operating capacity by the end of 2010 and we target the construction and commissioning of approximately 400 MW annually thereafter to achieve approximately 2,300 MW of operating capacity by the end of 2013. We have entered into purchase contracts for turbines with an aggregate generating capacity in excess of 1,300 MW, which are scheduled to be delivered or commissioned between 2008 and 2013. We expect this supply will be sufficient to meet all of our anticipated turbine needs in 2008 and 2009 and approximately 80% of our anticipated turbine needs in 2010. Our ability to complete the projects in our development pipeline and achieve our targeted capacity is subject to a number of risks and uncertainties as described in the “Risk Factors” section of this prospectus.
We believe that the wind energy industry offers a wide spectrum of project-level returns. We have strategically focused on developing a diversified portfolio of wind energy projects that we believe will generate project-level returns at the higher end of this spectrum. We seek to achieve these returns by targeting regions with high electricity prices, state-sponsored renewable portfolio standard (“RPS”) programs that mandate demand for renewable generation, favourable renewable energy certificate (“REC”) prices and desirable wind characteristics. Currently, we focus on developing wind energy projects in the northeastern and western regions of the continental U.S. and in Hawaii.
First Wind Holdings Inc., a leading independent North American wind energy company, today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its Class A common stock. An application will be made to list the Class A common stock on the Nasdaq Global Market under the symbol “WNDY.” Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and JPMorgan will serve as joint lead book-running managers of this offering.
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