Natick firm secures $25M for Maine wind project
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Natick-based SWEB Development has received a $25-million loan to complete a wind energy project in Maine.
Natick renewable energy company SWEB Development has received a $25-million loan from Needham Bank to complete a wind energy project in Maine, according to an announcement by the bank.
The wind energy project is located in Clifton, Maine and consists of five wind turbines which will produce 20 megawatts of clean energy, according to the press release dated Dec. 21.
The $25-million loan is based on the new secured overnight financing rate (SOFR), which is designed to insulate borrowers against interest rate fluctuations. The customized repayment structure that will shadow the specific revenue generation of the project, per the press release.
"As volatility erupted in the market based on Omicron fears, we knew it was in SWEB's interest to close this loan immediately. And we're thrilled we were able to adopt the new SOFR standard before its formal adoption on Jan. 1 by financial services firms," said James Daley, senior vice president and director of structured finance at Needham Bank, in a written statement.
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