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CIP and Avangrid secure $1.2bn Vineyard deal

Richard Heap
October 25, 2023

Copenhagen Infrastructure Partners and Avangrid have secured a $1.2bn tax equity investment in their 800MW Vineyard Wind 1 offshore project in US waters.

The pair have secured the package from Bank of America, JP Morgan Chase and Wells Fargo. This is the largest single asset tax equity financing and the first for a utility-scale offshore wind projects.

Construction started on Vineyard Wind 1 in late 2021, and the project is due to be commissioned by mid-2024.

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