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First Major U.S. Offshore Wind-Farm Project Arranges Financing

Views Of General Electric Co.'s First U.S. Offshore Wind Farm
Photographer: Eric Thayer/Bloomberg

The first major offshore U.S. wind-farm project lined up $2.3 billion in financing with investments by Bank of America Corp., JPMorgan Chase & Co. and seven other banks.

Vineyard Wind LLC plans to commence construction off the coast of Martha’s Vineyard next year and begin delivering electricity in 2023, according to a statement Wednesday. The farm, which will generate enough power to light 400,000 homes, still faces a legal challenge from fishing interests that object to the manner in which federal regulators granted approval.