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.
Vineyard Wind, a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, and Copenhagen Infrastructure Partners (CIP), has achieved financial close for its first project, raising $2.3 billion of senior debt for the construction of an 800 MW offshore wind farm in U.S. federal waters in the Atlantic Ocean.
Nine international and U.S. based banks helped raise the funds, enabling Vineyard Wind to prepare for both on and offshore construction. Onshore work will begin this Fall in Barnstable, with offshore work commencing in 2022. The first power from the project will be delivered to the grid in 2023, said the companies.
Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of Martha’s Vineyard and will be the first commercial scale offshore wind project in the United States. 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.
