Avangrid Renewables and Copenhagen Infrastructure Partners (CIP) have achieved a financial close for the 800MW Vineyard Wind 1 project, which is planned to be developed off the coast of Massachusetts, in the United States.
The financial close follows the record of decision (ROD) granted to the project by the US Department of the Interior Bureau of Ocean Energy Management (BOEM) in May 2021.
The joint venture between the two companies, Vineyard Wind, has raised US$2.3bn in senior debt for the construction of the project with the help of nine international and US-based banks.
Vineyard Wind 1 is approximately 24km off the coast of Martha’s Vineyard. Once commissioned, it will power over 400,000 homes and businesses in Massachusetts.
The project is expected to supply its first power to the grid in 2023. It is the first commercial-scale offshore wind farm to achieve financial close in the United States.
In addition, it will offset more than 1.6 million tons per year of carbon emissions.
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