Kirkland Advises Vineyard Wind 1, LLC on Largest Single Asset Tax Equity Financing and First Large-Scale Offshore Wind Transaction in the U.S.
Kirkland & Ellis advised Vineyard Wind 1, LLC, a joint venture offshore wind development company that is 50% owned by funds of Copenhagen Infrastructure Partners and 50% by Avangrid Renewables, on the closing of a first-of-its-kind tax equity package for commercial-scale offshore wind with three U.S.-based banks. The $1.2 billion dollar investment transaction was reached with J.P. Morgan Chase, Bank of America and Wells Fargo, making it the largest single asset tax equity financing and the first for a commercial scale offshore wind project.
Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of Martha’s Vineyard and will be the first commercial scale offshore wind project in the United States.
Read Copenhagen Infrastructure Partners’ press release
The Kirkland team was led by debt finance partners Rob Eberhardt and William Nicholson and tax partners Mike Masri and Sophia Han, with debt finance associates Vinicius Beraldo and Will Haslun.
