Deepwater Wind achieves financial close on 30 MW Block Island offshore wind farm

Deepwater Wind has closed financing for the 30 MW Block Island offshore wind farm located south of Rhode Island, USA.

The project has received US$290 million in financing by Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio. The financing is in addition to more than US$70 million in equity funding already provided by Deepwater Wind’s existing owners, principally the D.E. Shaw Group.

Deepwater Wind CEO Jeffrey Grybowski stated:

"We’re ecstatic to reach financial close and thrilled to be partners with Societe Generale (SG) and KeyBank for this groundbreaking clean energy project. We’re full speed ahead and moving ever closer to ‘steel in the water."

Alexander Krolick, Director of Energy Project Finance in the Americas at Societe Generale, commented:

“As the first offshore wind farm to be developed in the U.S., the Block Island Wind Farm represents a milestone that expands SG’s offshore wind sector footprint outside of Europe and further strengthens our extensive global track record of advising clients and arranging debt for offshore wind projects.”

The Block Island Wind Farm is a 30-megawatt offshore wind farm to be located approximately three miles southeast of Block Island. The wind farm will be located entirely in Rhode Island state waters. The wind farm will generate over 125,000 megawatt hours annually, enough to power over 17,000 homes. Power will be exported to the mainland electric grid via the 21-mile, bi-directional Block Island Transmission System, a submarine cable proposed to make landfall in Narragansett, Rhode Island.

Construction works are currently underway, Alstom will provide five Haliade-150 6 MW offshore wind turbines. The project is expected to be operational by the end of 2016.