Long-Delayed Vineyard Wind Project Secures Financing, Starts Hiring
- Sep 16, 2021 2:51 pm GMT
The hiring and training for onshore and offshore construction of the Vineyard Wind I project can begin in the coming days and weeks now that the
Vineyard Wind announced Wednesday that its first project, in line to be the nation's first utility-scale offshore wind farm, had reached the financial close milestone and remains on track to bring about 800 megawatts of power online for
"Achieving financial close is the most important of all milestones because today we finally move from talking about offshore wind to delivering offshore wind at scale in the
Onshore construction is expected to begin as soon as Thursday in
"We'll start preparing the onshore substation for where the power will eventually plug into the grid and, in the coming weeks, we'll start preparing the cable going from the sea into that substation," Pedersen told reporters Wednesday afternoon. "So there will be construction work on the Cape, preparing the landfall and also the opening of the roads in coordination with the town of
With financing secured, Vineyard Wind plans to issue a notice to proceed to its contractors "in the coming days and weeks," which will allow suppliers to start hiring, training and mobilizing workers. Offshore construction work is expected to begin in 2022.
While numerous industries have seen the time to procure certain items and materials soar as the pandemic disrupted supply chains, Pedersen said Vineyard Wind does not anticipate running into any delays on that front.
"All of this has been contemplated as part of this financial due diligence and been carefully studied," he said.
In July, Vineyard Wind signed a project labor agreement with the
Vineyard Wind said it was advised by Santander and worked with eight other
Vineyard Wind I, which is expected to include 62 turbines, is planned for 15 miles south of
It is projected to generate cleaner electricity for more than 400,000 homes and businesses in
The project faces challenges from two federal lawsuits, one brought by the fishing industry and another by those seeking to preserve the endangered North Atlantic right whale. Pedersen on Wednesday said Vineyard Wind never comments on pending litigation, but still responded to a reporter's question about the lawsuits.
"The lawsuits you're mentioning have been reviewed as part of the due diligence process and today we managed to close and nine banks decided to invest alongside use in this project," he said.
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