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January 3, 2022

Clifton wind project gets $25M in financing

closeup of five wind turbines against clouds File photo Massachusetts-based SWEB Development has received a $25 million loan to complete a wind energy project in Clifton.

A Natick, Mass., renewable energy company, SWEB Development, has received a $25 million loan to complete a wind energy project in Clifton, according to an announcement by the lender, Needham Bank.

Clifton is in Penobscot County, east of Bangor. 

The development will consist of five wind turbines on Pisgah Mountain, producing 20 megawatts of clean energy, according to the Dec. 21 press release.

The $25 million loan is based on the secured overnight financing rate (SOFR), which has been introduced over the past several years and is designed to insulate borrowers against interest rate fluctuations. The customized repayment structure will shadow the specific revenue generation of the project, the press release said.

"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.

Editor's Note: The Worcester Business Journal is a sister publication of Mainebiz.

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