At First Wind, wind is the first and last item in its business model. The vertically integrated energy company (formerly UPC Wind) develops, owns, and operates wind energy plants in the Northeastern and Western US, and Hawaii. Its six projects in Hawaii, Maine, Vermont, New York, and Utah generate more than 500 MW of electricity. First Wind, which targets states with high energy prices, renewable energy requirements, and favorable wind conditions, plans to have more than 2,000 MW of capacity by the end 2014. The company was formed in 2002 by individuals experienced with building wind power plants in Italy. In 2010 First Wind began construction of its 102 MW Utah-based Milford Wind project.
IPO proceeds will be used to blow away debt and continue the development and construction of wind energy plants.
The company's main focus is in Hawaii, which has the highest energy prices in the US due to its isolation. The state imports oil to generate about 80% of its electricity.
First Wind is also building plants in Utah to fulfill its contractual obligation to supply wind energy to Los Angeles and surrounding cities. In 2009 it completed first phase of its 203 MW Milford Wind Corridor scheme, the largest wind farm in Utah.