At $2.3B, it represesnts one of the largest investments in a single renewable energy project
(NEW BEDFORD, MA) – Vineyard Wind, a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), and Copenhagen Infrastructure Partners (CIP), has announced that its first project has achieved financial close.
Working with nine international and U.S. based banks, $2.3 billion of senior debt has been raised to finance the construction of the project. The milestone enables Vineyard Wind to provide a notice to proceed to its contractors in the coming days and weeks, allowing suppliers to start hiring, training and mobilizing people to prepare for both on and offshore construction.
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Onshore work will begin this Fall in Barnstable, with offshore work commencing in 2022. The first power from Vineyard Wind 1 will be delivered to the grid in 2023.
“There have been many milestones passed over the last several months, from securing the final federal permits to signing the U.S.’s first offshore wind project labor agreement,” said Vineyard Wind CEO Lars T. Pedersen.
“Achieving financial close is the most important of all milestones because today we finally move from talking about offshore wind to delivering offshore wind at scale in the U.S. With the signing of these agreements, we now have everything in place to start construction, launching an industry that will immediately start to create jobs and make a significant contribution to meet Massachusetts’ carbon pollution reduction targets. We couldn’t have made it this far without the tremendous support we’ve received from local residents, elected officials at every level of government and so many others. We can’t thank you enough and look forward to working together for many years to come.”
