GE Energy Financial Services and Citi have announced the closing of tax equity financing on Deepwater Wind’s Block Island Wind Farm, the first offshore wind farm in the U.S.
“An innovative project takes thoughtful and hardworking partners to navigate all of the ‘first mover’ considerations. We couldn’t have asked for better institutions to partner with than Citi and GE,” said Bryan Martin, chairman of the board of Deepwater Wind and managing director of D.E. Shaw & Co. LP.
As reported, Deepwater Wind, a U.S. offshore wind and transmission developer, completed construction on the 30 MW Block Island Wind Farm in August, and commercial operations are expected to begin in November. The role of the D.E. Shaw group, principal owner of Deepwater Wind, remains unchanged with the addition of the two tax equity investors.
GE Renewable Energy says it will provide five 6 MW Haliade wind turbines for the wind farm, which is located roughly three miles off the coast of Block Island, R.I. In addition to the turbines, GE Renewable Energy’s offshore wind business is providing long-term services and maintenance for the project.
Kevin Walsh, managing director and head of U.S. renewables at GE Energy Financial Services, said, “The Block Island Wind Farm is a landmark project in the U.S. renewables market that GE is proud to support with capital investments and advanced wind energy technology.”
The landmark transaction contributes to Citi’s 2015 announced goal to lend, invest and facilitate a total of $100 billion within the next 10 years to activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities, noted Marshal Salant, global head of alternative energy finance at Citi.
The Block Island Wind Farm is GE Energy Financial Services’ second offshore wind investment this year, building upon the company’s $12 billion renewable energy investment commitments in more than 18 GW of wind and solar projects.
