Financial close for 800 MW offshore wind project in USA

Copenhagen Infrastructure Partners and Avangrid have reached financial close for the 800 MW Vineyard Wind 1 offshore project in the USA. The project has attracted approximately USD2.3 billion of construction and term loan financing with nine global lending banks.

Located 15 miles off the coast of Martha’s Vineyard, the offshore wind project consists of 84 units MHI's V164 9.5 MW turbines and will provide enough electricity to power more than 400,000 homes in the Commonwealth of Massachusetts. The project will start construction this autumn in order to begin delivering clean electricity to Massachusetts in 2023. Once operational, Vineyard Wind 1 will reduce electricity rates by approximately USD1.4 billion during the first 20 years of operation and reduce carbon emissions by more than 1.6 million metric tons annually. In addition, it will create 3,600 Full Time Equivalent (FTE) job years.

Dennis V. Arriola, CEO of AVANGRID, said: “Today’s milestone demonstrates the financial community’s confidence in Vineyard Wind 1 and AVANGRID’s sustainability strategy, and more broadly, the U.S. offshore wind industry. We are proud to pioneer this new industry and demonstrate that offshore wind can be a sound investment, while creating jobs, combating climate change and powering the economies of our coastal communities.”