March 3rd, 2011 | Uncategorized

Dept. of Energy says Maine wind farms are backed by Yale

The U.S. Department of Energy confirmed Thursday in a press release that the Yale endowment has holdings in Record Hill Wind, a Roxbury, Maine-based wind farm project.

Record Hill has been connected — but never officially linked — to Yale investments in the past, with local opponents of the project criticizing the University for backing what they say will be a harmful development. The wind project has come under fire from some residents of Roxbury, who say the proposed wind turbines will negatively impact the aesthetics and peace of the region. The Record Hill Wind project passed by a narrow margin in a townspeople vote during 2009, and is slated for completion this year.

The Record Hill wind power project has been offered a conditional commitment from the Department of Energy for a $102 million loan guarantee, U.S. Energy Secretary Steven Chu announced Thursday. The loan will fund a 50.6 megawatt wind power plant, eight mile transmission line, and other equipment for the project, which is developed and managed by Wagner Wind Energy of New Hampshire and Independence Wind of Maine. The wind project is expected to provide sustainable electricity power for thousands of homes in Maine, and to create 200 construction jobs.

“Yale University is pleased to participate in a project that both makes economic sense and serves the greater good by adding to the country’s stock of renewable energy sources,” Chief Investment Officer David Swensen said in a Yale press release. “Our investment in Record Hill builds on Yale’s strong commitment to the goals of reducing the University’s carbon footprint and of serving as a model of sustainability.”