Vineyard Wind 1 — 800 MW offshore wind, 15 mi off Martha's Vineyard MA (first commercial-scale OSW in US)
First US commercial-scale offshore wind project to reach financial close. JV between Avangrid Renewables (Iberdrola US sub) and Copenhagen Infrastructure Partners (CIP). $2.3B senior debt from 9 international/US banks led by Santander as advisor. Notice to proceed issued; onshore work began Fall 2021, offshore 2022. 400K+ MA homes, $1.4B 20-year ratepayer savings.
$2.30B
Deal Value
800MW
Capacity
Offshore Wind
Technology
MA
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- Vineyard Wind LLC (Avangrid Renewables 50% / Copenhagen Infrastructure Partners 50%)
- Buyer / Financier
- Bank of America, J.P. Morgan, BBVA, NatWest, Santander (advisor), Crédit Agricole, Natixis, BNP Paribas, MUFG Bank
- Offtaker
- MA utilities (long-term PPAs)
- Deal Value
- $2.3B (senior debt)
- Stage
- Construction
- ISO/RTO
- ISONE
- Source
- Business Wire
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