Deepwater Wind secures funding for wind farm

Sponsored by

PROVIDENCE, R.I. (AP) — The energy company planning an offshore wind farm near Block Island says it has secured more than $290 million in financing to move forward with the project.

Deepwater Wind announced Monday that its Deepwater Wind Block Island unit has reached financial close on the Block Island Wind Farm, which is already under construction.

The company says Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio are providing the project financing. The company says this is in addition to the $70 million in equity funding already provided by the company's existing owners, an entity of the D.E. Shaw Group.

Deepwater Wind has now secured all debt and equity funding needed to construct and operate the 30 MW offshore wind farm, which the company says will be the U.S.'s first.

Sponsored by

Get All the Electric Light & Power and POWERGRID International to Your Inbox

Subscribe to Electric Light & Power or POWERGRID International and the email newsletter today at no cost and receive the latest news and information.

Related Articles

Developer to shrink Oregon wind energy project

The Oregon Department of Energy said Friday it will take public comments on the proposal until Sept. 19 

Consumers Energy to start work early on wind turbine project

06/19/2017

The initial Cross Winds Energy Park in Tuscola County started serving electric customers in Michigan's Thumb region in 2014

Alaska becomes microgrid testing ground

06/19/2017

Alaska has become a testing ground for sustainable technologies that the rest of the world is increasingly interested in u...

After years of false starts, Massachusetts offshore wind market heats up

06/13/2017

Massachusetts' bid to become the nation's leader in offshore wind power is ramping up