Bank Loan Approved for Vineyard Wind
Vineyard Wind receives a $2.3 billion dollar loan approval from a total of nine banks, including well known names like Bank of America, JP Morgan, BBVA, BNP Paribas and more, to continue the goal of becoming the first major U.S. offshore wind farm.
The chief executive at Vineyard Wind stated that receiving the approval of this loan now allows them to begin construction on the project which will in turn, create many jobs in the area.
The project is not expected to be complete or even working to full capacity until 2023 even though construction is slated to begin in the end of 2021.
It is forecasted that upon completion, 400,000 homes in New England can be powered by this farm which will be located off the coast of Martha’s Vineyard, about 24 kilometers (15 miles) off shore.
The start of immediate construction will be onshore in Barnstable, Massachusetts.