SWEB Development borrows $25 million for wind energy project

Chicago, Dec. 21 – SWEB Development USA LLC closed a $25 million loan with Needham Bank for the development of a wind energy project in Maine, according to a press release.

The loan is based on SOFR and includes a customized hedge to insulate the borrower from interest rate fluctuations.

There is also a customized repayment structure that will shadow the specific revenue generation of the project.

“We structured this loan with a payment schedule predicated on the sale of generated energy, and worked with Chatham's Financial Institutions team to build in a customized hedge that will protect SWEB from rising interest rates,” James Daley, senior vice president director of structured finance at Needham, said.

The project, when complete, will include five wind turbines in Clifton, Me., that will produce 20 megawatts of clean energy and will complement a nearby SWEB wind farm already in operation.

SWEB Development is part of the W.E.B international group of companies. The U.S. branch of the company is based out of Natick, Mass.

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