Northeast wind developers form partnership


PORTLAND, Maine (AP) — Maine’s most prominent wind power developer has formed a partnership with the parent company of Bangor Hydro Electric Co. and another Canadian utility to own, operate and construct wind farms in the Northeast.

First Wind Holdings LLC, Emera Inc. and Algonquin Power and Utilities Corp. are forming an operating company that will include First Wind’s wind projects in Maine, Vermont and New York.

First Wind will own 51 percent of the new company, while Emera and Algonquin are forming a separate venture called Northeast Wind that will own the remaining 49 percent. Northeast Wind is paying $333 million for its share of the company.

The agreement comes five months after Boston-based First Wind canceled plans to go public after its stock failed to gain the price the company was seeking.