BOSTON and COPENHAGEN, Denmark, Oct. 25, 2023 (GLOBE NEWSWIRE) — Copenhagen Infrastructure Partners (CIP), a global leader in green energy investment, and Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that the Vineyard Wind 1 project closed a first-of-its-kind tax equity package for commercial-scale offshore wind with three US-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.
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.Vineyard Wind 1 LLC is a joint venture offshore wind development company that is 50 percent owned by funds of Copenhagen Infrastructure Partners (CIP) and 50 percent by Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR). For more information, visit www.vineyardwind.com.
(GlobeNewsWire)