Vineyard Wind 1, the US’ first commercial-scale offshore wind project, passed a key milestone today as it reached financial close.
The project developers, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners, announced that a consortium of nine US and international banks had raised $2.3bn of senior debt to finance the construction of the 800MW flagship.
The deal clears the way for the project – which had suffered a series of delays under former US President Donald Trump’s administration – to jumpstart its supply chain, notifying contractors to begin hiring and training the 3,600 workers that will be needed to construct and operate the wind farm.
