Statement: In a sign of wind power’s growth, America’s first commercial-scale wind project secures funding
BOSTON -- Vineyard Wind, the nation’s first commercial scale wind project, has secured $2.3 billion in funding for its launch. Through investments from nine banks, including Bank of America and J.P. Morgan, the project now has the necessary funding to begin on-land construction as early as Thursday. This lays the groundwork to start offshore construction in 2022 and generate deliverable power by 2023.
The project will be stationed 15 miles south of Martha’s Vineyard, Massachusetts, where 62 turbines are slated to generate 800 megawatts of electricity annually. That’s enough to power 400,000 homes. This will play a significant role in meeting President Joe Biden’s commitment to develop 30 gigawatts of offshore wind by 2030.
In response, Jolie Jaycobs, Environment America’s Offshore Wind associate, released the following statement:
“This important funding means constructing the first commercial scale offshore wind project can get started. Massachusetts holds the largest offshore wind potential of any state in the nation and, with Vineyard Wind now able to break ground, we can begin the process of harnessing that power. We should rejoice at this key tipping point, but this must be just a first step in making the most of wind power.
“The fact that banks lined up to support this project affirms that wind power is a smart and secure bet for our future. Let’s keep the momentum going and make a swift transition to renewables to build the clean, healthy world that we all want to see.”