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America’s first offshore wind farm is fully financed

News International-French

10 Mar 2015

Deepwater Wind Block Island, a wholly-owned subsidiary of Deepwater Wind, has fully financed the Block Island Wind Farm, reaching financial close on more than $290 million.

The project is financed 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.

With these major agreements, Deepwater Wind has now secured all debt and equity funding needed to construct and operate its 30-megawatt Block Island Wind Farm.

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.

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.
  • 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.

Latham & Watkins, LLP acted as borrower’s counsel; Hinckley Allen, LLP, of Providence, R.I., acted as local counsel; and Van Ness Feldman, LLP acted as regulatory counsel to Deepwater Wind Block Island.

Chadbourne & Parke, LLP acted as lenders’ counsel and Locke Lord Edwards, LLP, of Providence, R.I., acted as lenders’ local counsel.

Green Giraffe acted as financial advisor for commercial arrangements to Deepwater Wind Block Island, and Mott MacDonald acted as Independent Engineer.

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