White & Case Advises Avangrid Renewables on Award-Winning US$2.4 Billion Project Financing for Vineyard Wind 1
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Global law firm White & Case LLP has advised Avangrid Renewables, LLC, a leading sustainable energy company, on the US$2.448 billion construction and term loan financing for its joint venture offshore wind project, Vineyard Wind 1. This project is the first commercial-scale offshore wind project in the United States to reach financial close and one of the largest investments in a single renewable energy project in the US and the largest renewables project finance deal to close in 2021. The project was named 2021 Global ESG Deal of the Year by Project Finance International.
This project faced significant challenges in gaining financial and regulatory approvals and after being long-stalled, the closing signals a commitment to achieving the goal of 30 GWs of offshore wind capacity by 2030.
Located 15 miles off the coast of Martha’s Vineyard, the 800 MW project is expected to provide enough electricity to power more than 400,000 homes in Massachusetts, create 3,600 full-time-equivalent job years, reduce electricity rates by approximately US$1.4 billion over the first 20 years of operation and reduce carbon emissions by more than 1.6 million metric tons per year.
The White & Case team was led by partner Marius Griskonis and included partners John Vetterli, Jessica Chen and Daniel Nam (all in New York); retired partner of counsel James Hayden, associates Rhys Bortignon and Ami (Jaeeun) Shin (all in New York), associate Valentina Castillo (Washington, DC) and International law clerk (admitted in England & Wales and California) Saghar Khodabakhsh (New York).
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