Foley Hoag Client Vineyard Wind Achieves Financial Close for First Commercial Scale Offshore Wind Farm
September 20, 2021
Foley Hoag LLP represented Vineyard Wind, a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), and Copenhagen Infrastructure Partners (CIP), as the company’s first project Vineyard Wind 1 achieved financial close. This accomplishment allows Vineyard Wind to enter the next phase of construction for the 800-megawatt project.
Approximately $2.3 billion of senior debt has been raised in collaboration with nine international and U.S. based banks, moving the project even closer to delivering offshore wind at scale. The new capital will allow the company to provide a notice to proceed to its contractors in the coming days and weeks, allowing suppliers to start hiring, training and mobilizing people to prepare for both on and offshore construction.
“Foley Hoag and Vineyard Wind have been working together to bring sustainable energy to the shores of Massachusetts and the country for the past five years,” said Adam Wade, partner and Co-Chair of the Energy & Climate Practice Group at Foley Hoag. “This important milestone showcases the financial viability of the project and its potential to create jobs, reduce carbon emissions and power the economies of our local communities. We are proud to continue working with Vineyard Wind as construction gets underway in the coming months.”
The Vineyard Wind 1 project plays an important role in America’s clean energy future, provisioning over 400,000 homes and businesses with electricity, saving ratepayers $1.4 billion over the first 20 years, reducing 1.6 million tons of carbon emissions per year and creating jobs that will benefit the full community.
A team of Foley Hoag attorneys represented Vineyard Wind in its financial close. The firm will continue working with the offshore wind development company through the next steps of the project.
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