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September 16, 2021

Vineyard Wind offshore project raises $2.3bn of senior debt

Onshore works for the project will begin later this year, with offshore works due to begin next year.

By Umesh Ellichipuram

Vineyard Wind, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners, has raised almost $2.3bn of senior debt for the construction of the Vineyard Wind I offshore wind farm.

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The company achieved financial closure for the 800MW wind farm by working with nine international and US-based banks.

The Vineyard Wind I project is located offshore from Massachusetts and will generate enough electricity to power more than 400,000 homes.

Onshore works are due to begin later this year at Barnstable, with offshore works scheduled to start next year.

Vineyard Wind will now provide its contractors with a notice to proceed, which will enable them to hire, train and mobilise staff for both on and offshore construction.

Once operational, the wind farm is expected to reduce carbon emissions by more than 1.6 million tonnes a year.

The clean energy generated by the project is due to be delivered to the grid in 2023.

Vineyard Wind CEO Lars Pedersen said: “Achieving financial close is the most important of all milestones because today, we finally move from talking about offshore wind to delivering offshore wind at scale in the US.

“With the signing of these agreements, we now have everything in place to start construction, launching an industry that will immediately start to create jobs and make a significant contribution to meeting Massachusetts’ carbon pollution reduction targets.”

Spain-based financial service provider Santander advised and invested in the senior debt.

Other investors included Bank of America, JP Morgan, BBVA, NatWest, Crédit Agricole, Natixis, BNP Paribas and MUFG Bank.

The effort for Vineyard Wind was led by the company’s general counsel, Jennifer Simon Lento. Norton Rose Fulbright served as the project’s lead financing counsel.

In May, the US Bureau of Ocean Energy Management issued a Record of Decision for the project.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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