Vineyard Wind, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners (CIP), has announced that the company’s 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. Onshore work will begin this Fall in Barnstable, with offshore work commencing in 2022. he first power from Vineyard Wind 1 will be delivered to the grid in 2023. Vineyard Wind 1 is an 800MW project located 15 miles off the coast of Martha’s Vineyard and will be the first commercial scale offshore wind project in the USA.
