Avangrid and CIP reach financial close on $2.3bn Vineyard Wind 1 offshore project

Avangrid Renewables and Copenhagen Infrastructure Partners have achieved financial close on their 800MW Vineyard Wind 1 Vineyard Wind 1 (800MW) Offshoreoff Martha’s Vineyard, Massachusetts, USA, North America Click to see full details project, which is in line to be the US’ first large-scale offshore wind farm.

The developers worked with nine international and US-based banks to raise $2.3 billion of debt to finance the construction of the project off the coast of New England.

This will enable suppliers to start hiring, training and mobilising people for both onshore and offshore construction.

Onshore work is due to begin this autumn, and offshore work is set to start next year.

First power is expected to be delivered to the grid in 2023.

Avangrid CEO Dennis Arriola said: “Today’s milestone demonstrates the financial community’s confidence in Vineyard Wind 1 and more broadly, the US offshore wind industry.” 

Vineyard Wind 1 will feature up to 84 turbines. GE Renewable Energy has been named as preferred supplier to provide its Haliade-X turbines for the project.

Vineyard Wind will count towards the US’ target of building 30GW of offshore wind capacity by 2030.