Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Leadership
    • 2020 Winners
    • 2019 Winners
    • 2018 Winners
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Wind Farm Map
    • Wind Turbine Selector Tool
    • Wind Power Videos
    • Webinars
    • Wind Power Events
  • Webinars
  • Videos
  • Subscribe
    • Magazine Subscription
    • Enewsletter Subscription
  • About Us

GE Energy and Citi provide tax equity financing to Deepwater Wind

By Michelle Froese | October 18, 2016

GE Energy Financial Services and Citi announced the closing of tax equity financing on Deepwater Wind’s Block Island Wind Farm, the first offshore wind farm in the United States. Deepwater Wind completed construction on the 30-MW Block Island Wind Farm in August, and commercial operations are expected to begin in November.

sunrise-47-550x375

In addition to the turbines, GE Renewable Energy’s offshore wind business is providing long-term services and maintenance for the Block Island wind project.

“An innovative project takes thoughtful and hard-working partners to navigate all of the ‘first mover’ considerations. We couldn’t have asked for better institutions to partner with than Citi and GE,” said Bryan Martin, Chairman of the Board of Deepwater Wind and Managing Director of D.E. Shaw & Co., L.P.

GE Renewable Energy is the project’s turbine supplier, and provided the five, 6-MW Haliade turbines for the wind farm, which is located roughly three miles off the coast of Block Island, R.I. The role of the D.E. Shaw group, principal owner of Deepwater Wind, remains unchanged with the addition of the two tax equity investors.

“We’re very proud that two world-class, U.S. companies have chosen to invest in America’s first offshore wind farm,” said Deepwater Wind CEO Jeffrey Grybowski. “Their backing is a testament to the significance of this project and the strength of the American offshore wind industry.”

The Block Island Wind Farm is GE Energy Financial Services’ second offshore wind investment this year, building upon the company’s $12 billion renewable energy investment commitments in more than 18-GW of wind and solar projects.

“Citi is proud to partner with GE, D.E. Shaw and Deepwater Wind to support this innovative project,” said Marshal Salant, Global Head of Alternative Energy Finance at Citi. “The Block Island Wind Farm offers a great example of Citi’s commitment to sustainable growth and to financing the development of clean renewable energy infrastructure.”

The landmark transaction contributes to Citi’s 2015 announced goal to lend, invest and facilitate a total of $100 billion over 10 years to activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities.

 

Tell Us What You Think! Cancel reply

Related Articles Read More >

Offshore Wind Training Institute to open in New York to train 2,500 workers
IEA contracted for construction of 300-MW Illinois wind project
Peninsula Clean Energy signs procurement contracts for 245 MW of wind power
GE to deliver over 1 GW of wind turbines to Pattern Energy project in New Mexico

Windpower Engineering & Development Digital Edition

Digital Edition

Browse the most current issue of Windpower Engineering & Development and back issues in an easy to use high quality format. Clip, share and download with the leading wind power engineering magazine today.

Webinars
Windpower Engineering & Development
  • Wind Articles
  • Subscribe to Windpower Engineering
  • Advertising
  • Contact Us/About Us

Copyright © 2021 WTWH Media, LLC. All Rights Reserved. Site Map | Privacy Policy | RSS

Search Windpower Power Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Leadership
    • 2020 Winners
    • 2019 Winners
    • 2018 Winners
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Wind Farm Map
    • Wind Turbine Selector Tool
    • Wind Power Videos
    • Webinars
    • Wind Power Events
  • Webinars
  • Videos
  • Subscribe
    • Magazine Subscription
    • Enewsletter Subscription
  • About Us