Client Success

Congratulations to our client, Needham Bank, on the $25 million financing of Silver Maple Wind Project in Clifton, Maine

December 20, 2021

Sherin and Lodgen represented lender Needham Bank in a $25 million project development loan to an affiliate of SWEB Development USA, LLC (SWEB) for the construction and financing of the Silver Maple Wind Project.

The 5-turbine, 20 MW wind facility, located in Clifton, Maine, will be owned and operated by the special purpose entity WEB Silver Maple Wind. It is expected to provide clean electricity serving approximately 20,000 households each year.

The Silver Maple Wind Project was awarded a power purchase agreement (PPA) by the Maine Public Utilities Commission in 2020 and expects to be operational in September 2022. SWEB, the North American subsidiary of WEB Group, plans to own and operate the project throughout its 20-year PPA.

Needham Bank also finances two of SWEB’s solar farms in Brimfield and Brookfield, Massachusetts.

The Sherin and Lodgen team was led by partner Ian T. Lane and associate Tanya M. Larrabee.

For decades, Needham Bank has been known as “the Builder’s Bank” because of their highly regarded expertise in serving area builders and developers quickly and efficiently. Today they are the bank for the dreamers, the doers and the builders – people who are making their communities a better place to live and work.

SWEB is a team of renewable energy professionals who are passionate about community, the environment, and social values. SWEB is the North American subsidiary of W.E.B, an Austrian, community-owned energy transition company. W.E.B operates a total of 249 wind energy, 31 photovoltaic, and 3 small hydroelectric power plants throughout Europe and North America. Their established installed capacity of 524 MW and the corresponding produced annual energy of 1,343,515 MWh enable W.E.B to provide 383,862 households with electricity. SWEB has over 1,500 MW in development throughout North America.