Vineyard Wind Project secures $ 2.3 billion in funding

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Wind turbine – iStock

Published 09/16/2021 7:47 PM by

The maritime executive

Construction of the Vineyard Wind Project, America’s first full offshore wind farm, is slated to begin now after its financiers secured $ 2.3 billion in funding from nine international and US banks.

With the new funding, Vineyard Wind said the company will launch its large commercial offshore wind farm, despite the recent approval suit filed with the First Circuit US Court of Appeals.

The Responsible Offshore Development Alliance, a group of commercial fishermen, has challenged the decision of the US Bureau of Ocean Energy Management (BOEM) to approve the project. They claim that offshore wind farms could have a negative impact on the marine environment and the fishing industry.

Vineyard Wind plans to begin the project on land in Barnstable, Massachusetts this fall, with the offshore portion of the work scheduled to begin in 2022. The company expects the power from the Vineyard Wind 1 turbine to be delivered to the grid in 2023.

Vineyard Wind is a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners (CIP). Vineyard CEO Lars Pederson said that “reaching funding is an important milestone as we can finally move from discussing offshore wind to commercial power delivery in the US.” will soon create new jobs.

The Vineyard Wind project was approved in May in a landmark approval decision that significantly advanced the Biden government’s ambitions in offshore wind energy. The White House hopes to expand America’s offshore wind capacity from currently 42 MW to 30,000 MW by 2030. The government’s plan aims to convert the U.S. economy entirely to clean energy by 2050 in an effort to combat climate change.

In approving Vineyard Wind’s final permit application, BOEM said the project is creating a roadmap for the future development of the innovative offshore wind industry.

Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of Martha’s Vineyard. It will generate enough electricity for more than 400,000 homes and businesses, and its supporters say it will save tariff payers $ 1.4 billion in its first 20 years of operation and reduce CO2 emissions by more than 1.6 million tons per year will reduce.

The wind farm project consists of 84 turbines, which are installed in an east-west orientation with a minimum distance of one nautical mile between them. Supporters of neighboring wind farm proposals have agreed to keep the same one-nm layout to simplify ship navigation across the region, and the US Coast Guard has given the agreement a positive rating.

The opinions expressed here are those of the author and not necessarily those of The Maritime Executive.


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