Energy Monitor Worldwide
800 MW Vineyard offshore wind project reaches financial close
The 800 MW Vineyard Wind offshore wind project off the coast of Marthas Vineyard in Massachusetts (United States) has reached financial close, thanks to US$2.3bn in construction loan and term loan debt financing with nine global lending banks.
The offshore wind project is developed by a 50:50 joint venture between Copenhagen Infrastructure Partners (CIP) and Avangrid Renewable (an affiliate of the Spanish energy group Iberdrola). In December 2020, the joint venture selected GE as its preferred supplier of wind turbines for its project. In May 2021, the US administration approved the construction and operation of the Vineyard Wind project; works are expected to start in the fourth quarter of 2021 and the wind park should start generating power in 2023.