September 15th (Hfrance.fr) - Vineyard Wind, which is en set to become America's first large offshore wind farm, closed a $ 2.3 billion loan and will begin construction in Massachusetts later this year, its owners said Wednesday.
The senior debt financing allows the project, a joint venture between Avangrid and Copenhagen Infrastructure Partners, to mobilize its contractors and suppliers to start working, the companies said.
The US government approved Vineyard Wind in May, billing it as the inauguration of a new domestic industry that will help eliminate emissions from the electricity sector, a key pillar of President Joe Biden's climate change agenda.
"With the signing of these agreements, we now have everything in place to begin construction , launching an industry that will immediately begin to createjobs and will make a significant contribution to meeting Massachusetts "carbon pollution reduction targets," said Lars Pedersen, CEO of Vineyard Wind, in a statement.
Construction will begin onshore in Barnstable, Massachusetts, Cape Cod, later this year. Work at sea will begin next year and the project is expected to start supplying electricity in 2023.
Vineyard Wind will be located 15 miles away (24 kilometers) off the coast of Martha 's Vineyard and aims to create enough electricity to power 400,000 homes in New England.
Nine banks participated in the financing of $ 2.3 billion. They include Bank of America, J.P. Morgan, BBVA, NatWest, Credit Agricole, Natixis, BNP Paribas and MUFG Bank. The company was advised by Santander, who also invested in the projand. Reporting by Nichola Groom; Edited by David Gregorio
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