First US offshore wind project now fully financed

Deepwater Wind’s Block Island wind farm has now been fully financed, reaching financial close on more than $290 million in project financing.
First US offshore wind project now fully financed

The funds have been provided by Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio. In addition to its role as Mandated Lead Arranger, Societe Generale also acts as Financial Advisor for Debt Raise, Bookrunner and Administrative Agent.

This means that Deepwater Wind has now secured all debt and equity funding needed to construct and operate its 30 MW Block Island Wind Farm, which is already under construction. It is the only US offshore wind company, so far, to reach this critical milestone and Block Island will therefore be the country’s first offshore wind farm.

“We’re full speed ahead and moving ever closer to ‘steel in the water’” said Deepwater Wind CEO Jeffrey Grybowski.

Alexander Krolick, Director of Energy Project Finance in the Americas at Societe Generale, added that Deepwater has assembled a world class management team and experienced contractors to develop the landmark project, which will help to expand SG’s offshore wind footprint outside Europe and further strengthens the company’s global track record of advising clients and arranging debt for offshore wind projects.

Andrew Redinger, managing director and head of KeyBanc Capital Markets Utilities, Power and Renewables Group, said that Deepwater has long been at the forefront of offshore wind development and that KeyBanc is pleased to have provided financing for the project.

The financing is in addition to more than $70 million in equity funding already provided by Deepwater Wind’s existing owners, principally an entity of the D.E. Shaw Group.

Deepwater Wind Block Island is a wholly-owned subsidiary of Deepwater Wind. The project will incorporate five Haliade 150 6 MW offshore wind turbines supplied by Alstom which has already completed the fabrication of all 15 blades in its Denmark facility. 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 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.

The foundations are scheduled for installation off the Block Island coast in the summer with energy generation expected in the fourth quarter of 2016.

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