Deepwater Wind has reached financial goals
Deepwater Wind issued the following press release this afternoon:
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 in project financing provided by Joint Initial Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio. In addition to its role as Joint Initial Mandated Lead Arranger, Societe Generale also acts as Financial Advisor for Debt Raise, Bookrunner and Administrative Agent.
“We’re ecstatic to reach financial close and thrilled to be partners with Societe Generale 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.’”
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 — already under construction.
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.
“We at Societe Generale are proud to be a partner of Deepwater Wind, the U.S. leader in offshore wind power,” said Alexander Krolick, Director of Energy Project Finance in the Americas at Societe Generale. “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.”
“Deepwater has long been at the forefront of offshore wind development,” said Andrew Redinger, managing director and head of KeyBank Capital Markets Utilities, Power and Renewables Group. “We are pleased to provide financing for the first offshore wind project to be fully financed in the U.S., and look forward to working with Deepwater on future, transformative projects.”
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, which is slated for a summer 2016 unveiling.
Read Friday's edition for more information.