Copenhagen Infrastructure Partners and Avangrid Announce Largest Single Asset Tax Equity Financing and First Large-Scale Offshore Transaction in the U.S.

BOSTON and COPENHAGEN, Denmark, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP), a global leader in green energy investment, and Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that the Vineyard Wind 1 project closed a first-of-its-kind tax equity package for commercial-scale offshore wind with three US-based banks. The $1.2 billion dollar investment transaction was reached with J.P. Morgan Chase, Bank of America and Wells Fargo, making it the largest single asset tax equity financing and the first for a commercial scale offshore wind project.

“Closing on a tax equity package has always been a central element to achieving financial success for the first-of-its-kind Vineyard Wind 1,” said Tim Evans, partner and Head of North America for CIP. “With this investment, Vineyard Wind 1 moves Massachusetts closer to its goal of reducing greenhouse gas emissions by 50% by 2030.”

“We are continuing to make history with this first-in-the-nation project,” said Pedro Azagra, Avangrid CEO. “Finalizing this tax equity transaction is a critical milestone in executing the financing plan for Vineyard Wind 1. It will allow us to continue financing the project to make it operational. We are now one step closer to delivering clean, renewable offshore wind energy to Massachusetts homes and businesses.”

“The Inflation Reduction Act marked the most significant action Congress has taken on clean energy and climate change in our nation’s history, and today’s announcement is a critical reminder of the impact the IRA is having here at home,” said Congressman Bill Keating representing Massachusetts’s 9th District. “The closing of this transaction marks a critical step for the financing of Vineyard Wind 1, and in turn for our clean energy economy and the union jobs that have been guaranteed through the first-of-its-kind Project Labor Agreement between Vineyard Wind and the Massachusetts Building Trades.”

CCA Group, Santander Corporate & Investment Banking, and Kirkland & Ellis LLP served as financial and legal advisors to Vineyard Wind 1, CIP and Avangrid.

Vineyard Wind 1 began on-site construction in late 2021, achieved steel-in-the-water in June 2023, and completed the nation’s first offshore substation in July 2023. In July 2021, Vineyard Wind signed the first Project Labor Agreement for an offshore wind project in the United States, which provides for the creation of 500 union jobs though the project.

Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of Martha’s Vineyard and will be the first commercial scale offshore wind project in the United States. The project will generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts under its competitive long term power purchase agreements with National Grid, Eversource, and Unitil. The project is expected to save ratepayers $1.4 billion over the first 20 years of operation and to reduce carbon emissions by more than 1.6 million tons per year.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages 11 funds and has to date raised approximately EUR 26 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 400 employees and 12 offices around the world. For more information, visit www.cip.com

About Avangrid
Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

About Vineyard Wind
Vineyard Wind 1 LLC is a joint venture offshore wind development company that is 50 percent owned by funds of Copenhagen Infrastructure Partners (CIP) and 50 percent by Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR). For more information, visit www.vineyardwind.com.


For further information, please contact: E-mail: media@cip.com Oliver Routhe Skov, Head of Media Relations Phone: +45 30541227 Email: orsk@cip.com Thomas Kønig, Partner – Investor Relations Phone: +45 7070 5151 Email: tkon@cip.com Sarah Warren Phone: +1 585-794-9253 Email: sarah.warren@avangrid.com


Copenhagen Infrastructure Partners and Avangrid Announce Largest Single Asset Tax Equity Financing and First Large-Scale Offshore Transaction in the U.S.

THỦ THUẬT HAY

Khắc phục tình trạng Laptop liên tục không nhận được Wifi

Laptop hiện đang là một trong những thiết bị điện tử được sử dụng nhiều nhất chỉ sau smartphone

Cách cấu hình quản lý từ xa trên Router TP-Link

Có 5 bước để cấu hình quản lý từ xa trên Router TP-Link.

Hướng dẫn tra từ điển trực tiếp trên iPhone, iPad chạy iOS 11

Với những người dùng đã cập nhật lên bất kì phiên bản nào của iOS 11 thì đều sử dụng được tính năng tra từ điển này trên iPhone, iPad mà không cần đến ứng dụng từ điển nào.

Cách ứng tiền Mobi cực nhanh và đơn giản chỉ trong ‘một nốt nhạc’

Bạn đang muốn tiếp tục sử dụng các dịch vụ của MobiFone mà không bị gián đoạn trong những trường hợp khẩn cấp? Vậy thì ứng tiền MobiFone là dịch vụ không thể thiếu dành cho bạn. Để giúp bạn tiện lợi hơn trong việc ứng

Trải nghiệm Launcher 10 - giao diện Windows Phone cho Android

Launcher 10 là một trình khởi chạy mang đến giao diện Windows Phone miễn phí cho các điện thoại Android theo phong cách Windows 10 mới nhất. Chỉ vài bước cài đặt đơn giản, smartphone Android của bạn đã có một giao diện

ĐÁNH GIÁ NHANH

Hiệu năng và thời lượng pin của Xiaomi Mi Mix 2 có sánh được với các đối thủ cùng tầm?

Xiaomi Mi Mix 2 tiếp tục kế thừa thiết kế viền màn hình siêu mỏng rất ấn tượng của Mi Mix. Tuy nhiên nó đã được làm gọn gàng và cứng cáp hơn.

Trên tay Sony Xperia L2 - Smartphone giá rẻ của OEM Nhật Bản

Công bố tại CES 2018, Sony Xperia L2 tiếp nối thành công dòng L series ra mắt năm ngoái. Nó được coi như sự thay thế cho dòng sản phẩm giá rẻ Xperia E trước đó của Sony vào năm 2012.

Đánh giá Galaxy C9 Pro: Màn hình đẹp, chơi game ổn định

Ấn tượng đầu tiên khi cầm Samsung Galaxy C9 Pro trên tay là cảm giác gọn gàng, vừa tay. Mặc dù trang bị màn hình lên đến 6 inch nhưng chiều dài của C9 Pro chỉ tương đương iPhone 7 Plus, chiều ngang được mở rộng.