By Daniel Webster, dWeb.News Publisher
BOSTON–(BUSINESS WIRE)–Santander Bank, N.A. (“Santander Bank”) or “Santander” today announced that the Corporate & Investment Banking division (“Santander CIB”) acted as financial adviser, joint lead arranger and administrative agent for Vineyard Wind 1, the first large-scale offshore renewable energy farm in the United States. Santander is among nine U.S.-based international banks that raised approximately $2.3 billion in senior debt to finance construction of the project.
Vineyard wind is a joint venture of Avangrid Renewables (NYSE: AGR), a subsidiary of AVANGRID Inc. (NYSE AGR), and Copenhagen Infrastructure Partners. Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of 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 ratepayers $1.4 billion over the first 20 years of operation and is expected to reduce carbon emissions by more than 1.6 million tons per year.
Construction of Vineyard Wind 1’s offshore wind farm will start this year. The first electricity from Vineyard Wind 1 is expected to be delivered on the grid in 2023..
“Santander prides itself on our advisory capabilities in renewable energies, in particular offshore wind,” stated Marco Antonio Achon, Head, Santander Corporate & Investment Banking U.S.
“Santander feels proud to have advised in financing the first large-scale offshore Wind project in the U.S.,” said Pablo Urgoiti Head, Global Debt Financing U.S. at Santander CIB. “Renewable finance is a cornerstone in our product offering and it has been a proud to advise in the financing of the first large-scale offshore wind project in the U.S.” Pablo Urgoiti, Head of Global Debt Financing U.S. for Santander CIB said. Santander is dedicated to being a leader in environmentally responsible finance and advicement of projects that contribute to society, fight climate change and protect natural resources.
Santander CIB, a global division, supports corporate and institutional clients by providing tailored services and wholesale products with added value that are suited to their complexity. Our coverage model blends local expertise with global knowledge of the industry sectors of our clients. For more information, please visit https://www.santandercib.com/.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $89.5 billion in assets. With its corporate offices in Boston, the Bank’s approximately 9,200 employees and more than 2 million customers are principally 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, S.A. (NYSE: SAN) – one of the most respected banking groups in the world with 150 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit http://www.santanderbank.com.
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