Avangrid has announced that Vineyard Wind 1 received initial funding from the tax equity package the company signed in October.
Government actions such as federal tax credits for renewable projects have been instrumental for the 806 MW Vineyard Wind 1 project, located 15 mi off the coast of Martha’s Vineyard, says the company. It will be the first commercial scale offshore wind project in the U.S.
“Receiving this first funding from our tax equity agreement is another key achievement that takes us one important step closer to the historic delivery of first power to Massachusetts,” says Pedro Azagra, Avangrid CEO. “As we continue to execute our construction and financing plan for Avangrid’s Vineyard Wind 1, we are demonstrating our ongoing commitment to helping turn the dream of offshore wind in the U.S. into reality.”
Vineyard Wind 1 began on-site construction in late 2021 and completed its offshore substation in July of this year.