FIRST U.S. OCEAN WIND COMPLETES FINANCING

Deepwater Wind completes financing for Block Island wind farm

Alex Kuffner, March 2, 2015 (Providence Journal)

Deepwater Wind has tied up more than $290 million in financing for what looks to be the first U.S. offshore wind farm. The five-turbine 30 MW demonstration project will be built in waters off Rhode Island’s Block Island. Societe Generale of Paris, France, and KeyBank National Association, of Cleveland, Ohio, will provide the funds…[A]ll permits have been secured. Construction is expected to begin in weeks. This news offsets disappointment from the cancellation by Massachusetts utilities of power purchase agreements for the 468 MW Cape Wind project, which had been the U.S. offshore wind industry’s flagship installation. The difference may be that while Cape Wind had to fight 12 years for the right to build in federal waters, the Block Island site was readily approved by the state. Deepwater is funded with $70 million from international investment firm D.E. Shaw and renewables developer SunEdison in addition to the financing from Societe Generale and KeyBank. click here for more

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