USD 1.2 Billion Tax equity financing secured for Vineyard Wind 1 offshore wind project

JP Morgan Chase, Bank of America and Wells Fargo have provided US$1.2 billion in tax equity financing for the Vineyard Wind 1 offshore wind farm in Massachusetts, USA.

Vineyard Wind 1, situated 15 miles (24km) off Martha’s Vineyard, is a substantial 806 MW project with a total investment of US$2.3 billion. The wind farm is set to feature 62 GE Haliade-X turbines, each boasting a power generating capacity of 13 MW. Once operational, it will provide clean electricity for around 400,000 households in Massachusetts and prevent 1.6 million tonnes of carbon emissions annually. Construction work on-site commenced in late 2021, with the offshore substation successfully installed in July 2023. Notably, the project reached a significant milestone in October 2023 with the installation of its first turbine, capable of supplying clean power to 6,000 homes.