Copenhagen Infrastructure Partners (CIP) and Avangrid, a sustainable energy company and a member of the Iberdrola Group, announced that the Vineyard Wind 1 project closed a first-of-its-kind tax equity package for commercial-scale offshore wind.
The $1.2 billion transaction was reached with J.P. Morgan Chase, Bank of America and Wells Fargo, making it the largest single-asset tax equity financing and the first for a commercial-scale offshore wind project.
Vineyard Wind 1, an 800-megawatt project located 15 miles off the coast of Martha’s Vineyard in Massachusetts, will be the first commercial-scale offshore wind project in the United States. The project, which began construction in 2021, will generate electricity for more than 400,000 homes and businesses in the commonwealth of Massachusetts under its competitive long-term power-purchase agreements with National Grid, Eversource and Unitil. Vineyard Wind 1 is expected to reduce carbon emissions by more than 1.6 milli