United States’ Deepwater Wind Block Island Now Fully Financed

Deepwater Wind Block Island, a 30-megawatt offshore wind farm development project located south of Rhode Island, is now fully-funded following the closure of more than $290 million in financing on Monday by Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio.

“We’re ecstatic to reach financial close and thrilled to be partners with Societe Generale (SG) and KeyBank for this groundbreaking clean energy project,” said Deepwater Wind CEO Jeffrey Grybowski. “We’re full speed ahead and moving ever closer to ‘steel in the water.’”

“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,” added Alexander Krolick, Director of Energy Project Finance in the Americas at Societe Generale.

Deepwater Wind is the only United States offshore wind company to reach this critical milestone. The Block Island Wind Farm will be America’s first offshore wind farm.

The financing from Societe Generale and KeyBank 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.

In addition to its role as Mandated Lead Arranger, Societe Generale also acts as Financial Advisor for Debt Raise, Bookrunner and Administrative Agent.

The Project

Construction is currently well underway on the wind farm.  Alstom has been contracted to 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.
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.

Deepwater Wind says they are also actively planning offshore wind projects in other U.S. east coast areas such as New York, Massachusetts, New Jersey as well as deep waters projects on the US West Coast.

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