Vineyard Wind 1 has become the first commercial-scale offshore wind farm to achieve financial close in the US market.
Working with nine international and USA-based banks, USD2.3 billion of senior debt has been raised to finance the construction of the project being developed by Avangrid Renewables and Copenhagen Infrastructure Partners (CIP).
The milestone enables Vineyard Wind to provide a notice to proceed to its contractors in the coming days and weeks. Onshore work will begin this autumn in Barnstable, with offshore work commencing in 2022. The first power from Vineyard Wind 1 will be delivered to the grid in 2023.
Vineyard Wind 1 is an 800 MW project located 15 miles (24 km) off the coast of Martha’s Vineyard. GE Renewable Energy was named preferred turbine supplier in 2020, and it is expected to supply its 13 MW Haliade-X model for the project.