Vineyard Wind 1 — 800 MW offshore wind, ~15 miles off Martha's Vineyard, Massachusetts
First commercial-scale US offshore wind tax equity financing AND largest single-asset tax equity in any sector. JPM, BofA, Wells Fargo as tax equity investors. 30% ITC structure (deferred 40% domestic content claim). Powers 400,000 MA homes; saves ratepayers $1.4B over 20 years; reduces 1.6M tons CO2/year. Kirkland & Ellis advised Vineyard Wind. First electricity delivered Jan 2024.
$1.20B
Deal Value
800MW
Capacity
Offshore Wind
Technology
MA
Location
Deal Details
- Deal Type
- Tax Equity & Tax Credits
- Seller / Sponsor
- Avangrid + Copenhagen Infrastructure Partners (CIP) JV
- Buyer / Financier
- J.P. Morgan, Bank of America, Wells Fargo (tax equity)
- Offtaker
- Massachusetts EDCs
- Deal Value
- $1.2B (largest single-asset tax equity ever)
- Stage
- Construction
- ISO/RTO
- ISO-NE
- Source
- Vineyard Wind
Service Providers
Advisory & Legal
- Sponsor Counsel
- Kirkland & Ellis
Finance Counterparties
Lenders & Capital Providers
- taxEquityProviders
- J.P. MorganBank of AmericaWells Fargo
- taxEquityAmount
- $1.2B
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