Fin close reached on 800-MW Vineyard Wind project

Avangrid Renewables and Copenhagen Infrastructure Partners (CIP), the duo behind the 800-MW Vineyard Wind 1 project off Massachusetts, will in the coming days announce the launch of construction as all funds needed are now in place.

The partners have reached the financial close on the project after securing USD 2.3 billion (EUR 1.95bn) in senior debt from a consortium of nine lenders, among which are Bank of America, JP Morgan and NatWest. The milestone will enable them to issue a notice to proceed to contractors for the onsite and offshore construction activities, the unit of Avangrid Inc (NYSE:AGR) and CIP said on Wednesday.

According to the plan, onshore works are set to begin this autumn, while offshore construction will start in 2022. The complex is expected to start feeding power to the grid in 2023.

Vineyard Wind calls for the installation of 62 Haliade-X turbines about 15 (24.1km) miles off both Martha's Vineyard and Nantucket in the northern portion of the lease area. Set to become the country’s first utility-scale offshore wind park, it will produce electricity for more than 400,000 homes and businesses in Massachusetts.

The project received the Record of Decision (ROD) from the Department of Interior (DOI) in May, which was the final step in the federal review process.

(USD 1.0 = EUR 0.847)

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