First Wind Holding LLC is moving towards an initial public offering (IPO), according to a report in the Boston Business Journal.
The Massachusetts-based wind power developer named Credit Suisse (NYSE: CS), Deutsche Bank Securities (NYSE: DB), Goldman Sachs & Co. (NYSE: GS) and Morgan Stanley (NYSE: MS) as its lead underwriters, in a filing statement with the SEC.
The company first registered for an IPO in 2008.
In the latest filing, First wind reported 2008 revenue of $28.8 million and 2009 revenue of $47.1 million, and net losses of $64.3 million and 57.1 million respectively.
The company recently received a Department of Energy loan guarantee for a 30 megawatts (MW) wind farm in Hawaii. And it is expanding its Stetson Wind farm in Maine from 25 MW to 82 MW.
First Wind is also selling power to the City of Los Angeles from its 203-MW Milford Wind Corridor project in Utah.
In the SEC filing, the company claimed $1.7 billion in assets--including $31.4 million in cash and cash equivalents and $1.4 billion in property, equipment, plants and construction in progress.
The company reported $522.8 million in long-term debt.
Earlier this week Reuters reported that the market is warming up for cleantech IPO's in the remainder of 2010.
