First U.S. Offshore Wind Farm Receives $290 Million in Financing
The United States’ first offshore wind project “will have steel in the water this summer” after Deepwater Wind LLC confirmed $290 million in financing for the Block Island project off Rhode Island.
The financing “is an enormous step for the project, and it’s an equally enormous step for the offshore wind industry in the U.S.,” said Deepwater CEO Jeff Grybowski.
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“Deepwater Wind succeeded where Cape Wind failed,” said Amy Grace, an analyst with Bloomberg New Energy Finance. “They chose a less controversial site and a more manageable size.”
The 30-megawatt Block Island wind farm “will use five six-megawatt turbines manufactured by Alstom SA,” Bloomberg reports. “They are scheduled to be installed in mid-2016, with the project expected to be operational by the end of that year. National Grid Plc has agreed to buy the wind farm’s output under a 20-year contract.”