Deepwater Wind has secured more than 290 million dollars to build and operate a wind farm off the coast of Block Island. The company plans to begin installing turbines this summer. Deepwater is, so far, the only offshore wind company in the country to get full financing for an offshore wind farm.
Two banks have financed Deepwater Wind’s offshore wind farm: a bank in France and Ohio-based KeyBank.
The more than 290 million dollars Deepwater Wind has secured is in addition to more than 70 million dollars the company owners already provided for the project. Now the company has all the money it needs to build and operate the five-turbine offshore wind farm.
Construction on the parts for the wind farm is already underway. This summer, the company will begin to install the turbine foundations. The wind farm, which will be located three miles off the coast of Block Island, is scheduled to be in operation by late next year. State and federal officials extensively reviewed the project. A small minority of Block Island residents continues to oppose it.
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