Vineyard Wind obtains $2.3 billion of debt to construct wind farm

Chicago, Sept. 15 – Vineyard Wind 1, the first large-scale offshore wind farm in the United States, has raised approximately $2.3 billion of senior debt to finance the construction of its project, according to a press release.

Santander Bank, NA, through its corporate and investment banking division, acted as financial adviser, joint lead arranger, administrative agent and green loan coordinator.

Santander worked with eight other international and U.S.-based banks to raise the financing.

The project is expected to generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, save ratepayers $1.4 billion over the first 20 years of operation and is expected to reduce carbon emissions by more than 1.6 million tons per year.

Vineyard Wind is a joint venture between Avangrid Renewables, a subsidiary of Avangrid, Inc., part of the Iberdrola Group, and Copenhagen Infrastructure Partners.

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