Financing in place for Vineyard Wind 1

Sept. 15, 2021
This is the first commercial scale offshore wind farm in the US to achieve financial close.

Offshore staff

NEW BEDFORD, Massachusetts – Vineyard Wind, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners, has reached financial close on the Vineyard Wind 1 project.

Working with nine international and US-based banks, $2.3 billion of senior debt has been raised to finance the construction of the project. This enables the company to provide a notice to proceed to its contractors in the coming days and weeks.

Vineyard Wind 1 is an 800-MW project that will be located 15 mi (24 km) offshore Martha’s Vineyard. It is expected to be the first commercial scale offshore wind project in the US.

Onshore work is expected to begin this fall in Barnstable, Massachusetts, with offshore work starting in 2022. First power is expected to be delivered to the grid in 2023.

According to the company, the project is expected to generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, save ratepayers $1.4 billion over the first 20 years of operation, and reduce carbon emissions by more than 1.6 million tons per year.