Project Submission: Construction of the First Commercial-Scale Offshore Wind Energy Project in the U.S.
Developing Vineyard Wind 1 in close cooperation with local and federal stakeholders led to the breakthrough of an entire offshore wind industry in the U.S. By submitting a proposal in response to the first offshore wind solicitation in Massachusetts, Vineyard Wind paved the way for offshore wind in the U.S. by showing that it could be competitive with existing energy sources. VineyardWind LLC (VineyardWind) has successfully permitted, financed, and is currently constructing the nation’s first commercial-scale offshore wind energy project in the U.S.
Other notable achievements include securing a strong and attractive financing package from a syndicate of leading project financing banks from a consortium of nine international and U.S.-based banks. Vineyard Wind is the first U.S. offshore wind developer to have successfully concluded this critical transaction. Vineyard Wind also executed an offshore wind Project Labor Agreement (PLA), the first of its kind in the industry, which guarantees approximately 500 union jobs during the project’s construction phase. The PLA also includes ambitious diversity, equity, and inclusion (DEI) goals.
Vineyard Wind has a clear ambition to secure the long-term sustainability of U.S. offshore wind. Through a combination of local commitments and partnerships, Vineyard Wind has committed to local employment, network-building among local and regional suppliers in southeastern Massachusetts, and establishment of operations and maintenance (O&M) facilities on Martha’s Vineyard, and meaningful local support for infrastructure for local communities, while supporting the region’s climate change and renewable energy targets and helping local communities go green.