First U.S. offshore wind farm achieves financial close

Monday, 9 March, 2015 - 10:45

As first U.S. offshore wind farm, Block Island, has successfully reached financial close. Deepwater Wind will finance the US$ 290 million project through Mandated Lead Arrangers Société Générale of Paris, France, and KeyBank National Association of Cleveland, Ohio.

Deepwater Wind has fully financed the Block Island Wind Farm, reaching financial close on more than US$ 290 million in project financing provided by Mandated Lead Arrangers Société Générale of Paris and KeyBank National Association of Cleveland, Ohio. In addition to its role as Mandated Lead Arranger, Société Générale (SG) also acts as Financial Advisor for Debt Raise, Bookrunner and Administrative Agent.

With these major agreements, Deepwater Wind has now secured all debt and equity funding needed to construct and operate its 30 MW Block Island Wind Farm. “Deepwater has assembled a world class management team and experienced contractors to develop this landmark project. 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,” said Alexander Krolick, Director of Energy Project Finance in the Americas at Société Générale.

Mott MacDonald was lenders’ technical advisor during the project’s due diligence phase and is now monitoring construction as independent engineer in an ongoing role. Construction is well underway on the wind farm. Alstom will supply five Haliade 150 6 MW offshore wind turbines for the project and has already completed the fabrication in Denmark of all 15 blades for the project. Gulf Island Fabrication, Inc., began fabrication work in January 2015 at its facilities in Houma, Louisiana, on the wind farm’s five steel jacket foundations. That work is scheduled to be complete in several months. And Rhode Island-based Specialty Diving Services is expected to begin additional fabrication work on components of the foundation substructures at Quonset, Rhode Island in the coming weeks. “Steel in the water” is planned for this summer, when all five foundations are scheduled for installation off the Block Island coast. The project will be in-service in the fourth quarter of 2016.

Katharina Garus

Similar Entries

The first turbine jacket foundation is installed at the Seagreen Wind Farm site, 27 kilometres off the coast of the county of Angus in Scotland (pict: SSE Renewables)

The first turbine jacket foundation has been installed at Seagreen – Scotland’s largest and the world’s deepest, fixed bottom offshore wind farm.

Wind turbine (pict. Dewesoft d.o.o.)

The energy company Vattenfall has selected Dewesoft to provide the tower monitoring solution at what will be the world’s largest offshore wind farm.

The jacket, which will support the offshore platform substation, was secured on the seabed using the Saipem 7000 heavy lift vessel  (pict. SSE plc)

Construction of the world’s deepest fixed bottom offshore wind farm, which is also Scotland’s largest, has reached another milestone with the installation of a jacket in preparation for the project’s offshore substation topside which is due to be installed in early 2022.

Deployment of a patent protected 4T Filter Unit Rockbag on Saint Nazaire Offshore Wind Farm (pict. Ridgeway)

Saint-Nazaire Offshore Wind Farm will use Ridgeway Rockbags for cable stabilisation and protection.