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The Total Cost of Ownership (TCO) for Off Shore Wind (OSW) resources can be staggering. One does not simply dispatch a "bucket truck and two man team" when things go wrong on an offshore wind turbine, like we do today in the electric grid. The people that work on off shore wind turbines are specialists with special tools and resources, like sea-going barges equipped with cranes..
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The post On Heels of $ 2.3B Financial Close, Vineyard Wind Joint Venture Partners Announce Restructuring appeared first on POWER Magazine.
Partners developing the 800-MW Vineyard Wind 1 offshore wind farm have announced they will swap assets jointly owned by their 50/50 Vineyard Wind joint venture to allow each party to focus on its separate expansion within the burgeoning U.S. offshore wind industry once the 800-MW Vineyard Wind 1 offshore wind farm is operational.
The Vineyard Wind joint venture is equally held by Connecticut-based AVANGRID subsidiary Avangrid Renewables—a company whose majority (81.5%) shareholder is Spanish renewables giant Iberdrola—and Danish fund management company Copenhagen Infrastructure Partners (CIP). Restructuring will enable both companies “to leverage their strengths and expertise to continue to grow the U.S. offshore wind industry” and “better align project timelines with their separate strategic objectives,” the partners said on Sept. 21.
The development is noteworthy given that the partners recently raised $ 2.3 billion of senior debt to finance the construction of the Vineyard Wind 1 project.…
The post Offshore Milestone as Feds Back Vineyard Wind Project appeared first on POWER Magazine.
The first large-scale offshore wind farm in the U.S. has received the go-ahead from the federal government, with industry insiders saying the milestone decision is likely to spur more rapid development of the nation’s offshore wind projects.
The Vineyard Wind installation, an 800-MW project that will use GE’s Haliade-X turbines, on May 11 received the Record of Decision (ROD) from the U.S. Dept. of the Interior’s Bureau of Ocean Energy Management (BOEM). The ROD is the last major step in the federal review process for Vineyard Wind, a joint venture of Avangrid Renewables, a subsidiary of AVANGRID, and Copenhagen Infrastructure Partners (CIP).
“Today’s Record of Decision is not about the start of a single project, but the launch of a new industry,” said Vineyard Wind CEO Lars T. Pedersen in a statement. “Receiving this final major federal approval means the jobs, economic benefits and clean energy revolution associated with the Vineyard Wind 1 project can finally come to fruition.”…