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First Wind Holdings Inc. $450 Million IPO Filing
Green IPO Watch at Renewableenergystocks.com
POINT ROBERTS, WA and DELTA, BC - July 31, 2008 -- www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports on First Wind Holdings Inc filing a $450 million IPO Class A common stock offering at the SEC.
The Company will apply to list the Class A common stock on the Nasdaq Global Market under the symbol "WNDY."
SEC Filing link:
http://www.sec.gov/Archives/edgar/data/1434804/000104746908008563/a2186834zs-1.htm
From the Filing-
Overview
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, favorable 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.
Our strategy since inception in 2002 has been to build a company with the ability to develop, own and operate a portfolio of wind energy projects in favorable markets. Our team of more than 130 employees has broad experience in wind project development, transmission line development, meteorology, engineering, permitting, construction, finance, law, asset management, maintenance and operations. We have established land control, stakeholder relationships, meteorological programs, community initiatives and developed transmission solutions in the markets in which we focus and expect to continue to do so in the future. We believe these efforts have provided and will continue to provide us with a competitive advantage.
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