First Major U.S. Offshore Wind-Farm Project Arranges Financing

(Bloomberg) -- The first major offshore U.S. wind-farm project lined up $2.3 billion in financing with investments by Bank of America Corp., JPMorgan Chase & Co. and seven other banks.

Vineyard Wind LLC plans to commence construction off the coast of Martha’s Vineyard next year and begin delivering electricity in 2023, according to a statement Wednesday. The farm, which will generate enough power to light 400,000 homes, still faces a legal challenge from fishing interests that object to the manner in which federal regulators granted approval. 

The other banks involved in the deal include Banco Santander SA, Banco Bilbao Vizcaya Argentina SA, Natwest Group Plc, Crédit Agricole SA, Natixis SA, BNP Paribas SA and MUFG Bank Ltd., according to the statement.

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