Avangrid Inc. and Copenhagen Infrastructure Companions (CIP) say their Winery Wind 1 offshore wind undertaking has closed a $1.2 billion tax fairness package deal with J.P. Morgan Chase, Financial institution of America and Wells Fargo.
The businesses say that is the most important single-asset tax fairness financing and the primary for a commercial-scale offshore wind undertaking.
“We’re persevering with to make historical past with this first-in-the-nation undertaking,” says Pedro Azagra, Avangrid’s CEO. “Finalizing this tax fairness transaction is a vital milestone in executing the financing plan for Winery Wind 1. It would permit us to proceed financing the undertaking to make it operational.”
“Closing on a tax fairness package deal has all the time been a central ingredient to reaching monetary success for the first-of-its-kind Winery Wind 1,” provides Tim Evans, associate and head of North America for CIP. “With this funding, Winery Wind 1 strikes Massachusetts nearer to its objective of lowering greenhouse gasoline emissions by 50 p.c by 2030.”
CCA Group, Santander Company & Funding Banking, and Kirkland & Ellis LLP served as monetary and authorized advisors to Winery Wind 1, CIP and Avangrid.
The 800 MW Winery Wind 1 undertaking started on-site development in late 2021, achieved steel-in-the-water in June and accomplished the nation’s first offshore substation in July.
