With Financing Secured, Vineyard Wind Set to Begin Construction
Decades in the making, the nation’s first large-scale commercial offshore wind farm could begin construction as early as this week on the Cape.
Vineyard Wind has raised a total of $2.3 billion from nine different banks, CEO Lars Pedersen announced Wednesday. The funding is a green light for some of the developer's contractors to start “immediate action,” he said.
An electrical substation in Barnstable will host the first phase of construction. “We will start preparing the onshore substation for where the power will eventually plug into the grid,” said Pedersen. “We’re very excited to move forward.”
The Vineyard Wind 1 project will place 62 wind turbines in federal waters about 15 miles south of Martha’s Vineyard.
Onshore work is set to continue throughout this fall on Cape Cod, while offshore work will likely begin next year based out of the port of New Bedford.
The project received its final federal approval in May, but it faces lawsuits from fishing and conservation groups.