Mars Hill Wind Farm receives equity financing

The company that built the Mars Hill Wind Farm has received $44 million in financing to pay down debt tied to the project.

UPC Wind, the parent company of Evergreen Wind Power LLC of Bangor, received the equity financing from JPMorgan Capital Corp. and WFC Holdings Mars Hill Wind Farm receives equity financing If approved and built, the Stetson Mountain project would be New England’s largest wind farm.

Corp. JPMorgan Capital is an affiliate of JPMorgan Chase & Co., while WFC Holdings is an affiliate of Wells Fargo.

“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,” Paul Gaynor, president and CEO of UPC Wind, said in a statement. “This investment is also significant as it demonstrates the financial community’s serious commitment to developing and funding renewable sources of electricity generation.”

UPC’s 28-turbine wind farm in the Aroostook County community of Mars Hill produces approximately 42 megawatts of power. The company recently submitted an application to Maine’s Land Use Regulation Commission to erect 38 turbines on Stetson Mountain, a remote ridgeline in northern Washington County.

If approved and built, the Stetson Mountain project would be New England’s largest wind farm.