Avangrid and Copenhagen Infrastructure Partners have closed the $2.34 billion construction-plus-seven-year senior debt financing for the 800MW Vineyard Wind 1 project offshore Massachusetts. The project will generate clean, renewable, affordable energy for over 400,000 homes and businesses across the Commonwealth, while reducing carbon emissions by over 1.6 million tons per year. 

The developers describe the project as the first commercial scale offshore wind financing to close in the US. 

Vineyard’s offtakers are Eversource subsidiary NSTAR Electricity, National Grid’s Massachusetts Electric and Nantucket Electric, and Unitil’s Fitchburg Gas and Electric Light. The offtakers are all regulated and well-rated, and the PPAs benefit from explicit legislative sanction, in this case Section 83C of Massachusetts' Act Relative to Green Communities.