Santander Bank, N.A. announced that its Corporate & Investment Banking division has acted as financial advisor, joint lead arranger, administrative agent, and green loan coordinator 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 U.S.-based banks raising approximately $2.3 billion of 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), part of the Iberdrola Group, and Copenhagen Infrastructure Partners (CIP). 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.
Santander is extremely proud of our advisory capabilities in renewable energy, in particular offshore wind, and appreciate the opportunity to advise Avangrid and CIP in this landmark transaction that is so critical to Massachusetts and U.S. climate goals. Santander CIB has become a leader in renewable energy finance and advice owing to its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander is committed to leading the way in environmentally responsible financing and advisement for projects that add value to society while helping fight climate change and pollution and protecting natural resources. 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.