Iberdrola and CIP in historic $1.2bn Vineyard Wind tax equity deal with leading US banks

Copenhagen Infrastructure Partners (CIP) and Iberdrola’s Avangrid announced the first US offshore wind tax equity financing deal valued at $1.2bn for the joint venture (JV) partners’ 800MW Vineyard Wind 1 project.

Bank of America (BoA), JP Morgan Chase, and Wells Fargo provided the tax equity.

“Finalising this tax equity transaction is a critical milestone in executing the financing plan for Vineyard Wind 1,” said Pedro Azagra, Avangrid CEO.