Boston-based First Wind Holdings LLC and Emera Inc., of Halifax, Nova Scotia, have closed a transaction to jointly own and operate wind energy projects in the Northeast United States through a new company called Northeast Wind Partners.

First Wind’s 385 Megawatt (MW) portfolio of wind energy projects in the Northeast, including eight operating projects in three states, have been transferred to Northeast Wind Partners. First Wind retains 51 percent and Emera now owns 49 percent of the new company. First Wind will serve as the managing partner and will continue to operate the wind energy projects. Emera affiliate Emera Energy Services will provide energy management services.

First Wind will exclusively manage the development business and continue to develop new wind projects in the Northeast. Once these projects meet certain eligibility criteria, First Wind has the ability to transfer up to an additional 1,200 MW of new projects into the new joint venture.

 "This is an exciting partnership for First Wind that will allow us to invest in new, well-sited and well-run wind projects that deliver clean energy to homes and businesses across the Northeast," Paul Gaynor, CEO of First Wind, said in a statement.

Emera has invested a total of $211 million to acquire 49 percent of Northeast Wind Partners.  In addition, Emera is making a $150 million loan to an intermediate subsidiary company of Northeast Wind Partners, which will be repaid in five years. Emera will finance this transaction through existing credit facilities.