IPO FILING: First Wind Holdings (WNDY)

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04:30:23 pm on August 13, 2008

 

First_wind_logo

Check out this new initial public offering from First Wind Holdings Inc.  First Wind has applied to take the ticker WNDY on the NASDAQ.   As per the company name, the company is involved in wind energy.

For filing purposes it has listed the amount of $450 Million as the amount in shares that it intends to offer.  Underwriters are listed as Credit Suisse, Goldman Sachs, and JPMorgan.

Tradingmarkets.com reports that First Wind Holdings revealed that New York-based D. E. Shaw group, Madison Dearborn, and UPC Wind Partners II are its main stockholders, each owning more than a 5% stake.

First Wind Holdings LLC posted net loss of $68.07 million in 2007, $26.01 million in 2006 and $18.62 million in 2005. For the quarter ended March 31, 2008, the company incurred a net loss of $18.52 million, versus a net loss of $13.91 million in the same period last year.

Here is a description of the company:

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.

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