Santander Corporate & Investment Banking acted as financial advisor for Vineyard Wind 1 – the first large-scale offshore wind farm in the United States
BOSTON–(COMMERCIAL THREAD) – Santander Bank, NA (âSantander Bankâ or âSantanderâ) announced today that its Corporate & Investment Banking division (âSantander CIBâ) has acted as financial advisor, co-arranger, administrative agent and coordinator of green loans for the financing of Vineyard Wind 1, the first large-scale offshore wind farm in the United States. Santander is one of nine international and US banks to raise around $ 2.3 billion in senior debt to finance the construction of the project.
Vineyard Wind is a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), which is part of the Iberdrola group, and Copenhagen Infrastructure Partners (CIP). Vineyard Wind 1 is an 800 MW project located 15 miles offshore from Martha’s Vineyard and will be the first large-scale offshore wind project in the United States. The project is expected to generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, save taxpayers $ 1.4 billion in the first 20 years of operation and is expected to reduce carbon emissions by more than 1.6 million tonnes per year.
Onshore construction of Vineyard Wind 1 will begin this year, with the first Vineyard Wind 1 power due to be delivered to the grid in 2023.
âSantander is extremely proud of our advisory capabilities in renewable energy, particularly offshore wind, and appreciates the opportunity to advise Avangrid and CIP in this landmark transaction that is so critical to Massachusetts and US climate goals. United â, said Marco Antonio AchÃ³n, Director of Santander Corporate & Investment Banking France.
âSantander is very proud to have advised on the financing of the first large-scale offshore wind project in the United States,â said Pablo Urgoiti, head of global US debt financing for Santander CIB. âRevolving finance is the cornerstone of our product offering and we are pleased that our cumulative global experience in offshore wind has been there to support this process. ”
Santander CIB has become a leader in renewable energy financing and consulting through its efforts to seek solutions in environmental, social and corporate governance (ESG) and other areas to help clients achieve move to more sustainable models and a cleaner economy. Santander is committed to leading the way in environmentally friendly financing and consulting for projects that add value to society while helping to tackle climate change and pollution, and protecting natural resources .
Santander CIB is a global division that supports businesses and institutional clients, offering tailor-made services and value-added wholesale products tailored to their complexity and sophistication. Our coverage model combines local knowledge with the global expertise of our clients’ industry sectors. For more information, please visit https://www.santandercib.com/.
Bank of Santander, NA is one of the largest retail and commercial banks in the country with assets of $ 89.5 billion. With its head office in Boston, the Bank has approximately 9,200 employees and over 2 million customers primarily located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. . The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, SA (NYSE: SAN) – one of the world’s most respected banking groups with 150 million customers in the United States, Europe and Latin America . It is supervised by Santander Holdings USA, Inc., the intermediary holding company of Banco Santander in the United States. For more information on Santander Bank, please visit www.santanderbank.com.