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Deepwater Wind Block Island, a wholly-owned subsidiary of Deepwater Wind, has fully financed the Block Island Wind Farm, reaching financial close on more than 290 million in project financing provided by Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio. In addition to its role as Mandated Lead Arranger, Societe Generale also acts as Financial Advisor for Debt Raise, Bookrunner and Administrative Agent.
With these major agreements, Deepwater Wind has now secured all debt and equity funding needed to construct and operate its 30-megawatt Block Island Wind Farm - already under construction.
Deepwater Wind is the only United States offshore wind company to reach this critical milestone. The Block Island Wind Farm will be America's first offshore wind farm.
"We're ecstatic to reach financial close and thrilled to be partners with Societe Generale and KeyBank for this groundbreaking clean energy project," said Deepwater Wind CEO Jeffrey Grybowski. "We're full speed ahead and moving ever closer to 'steel in the water.'"
"We at Societe Generale are proud to be a partner of Deepwater Wind, the U.S. leader in offshore wind power," said Alexander Krolick, Director of Energy Project Finance in the Americas at Societe Generale. "Deepwater has assembled a world class management team and experienced contractors to develop this landmark project. As the first offshore wind farm to be developed in the U.S., the Block Island Wind Farm represents a milestone that expands SG's offshore wind sector footprint outside of Europe and further strengthens our extensive global track record of advising clients and arranging debt for offshore wind projects."
"Deepwater has long been at the forefront of offshore wind development," said Andrew Redinger, managing director and head of KeyBanc Capital Markets Utilities, Power and Renewables Group. "We are pleased to provide financing for the first offshore wind project to be fully financed in the U.S., and look forward to working with Deepwater on future, transformative projects."
The financing from Societe Generale and KeyBank is in addition to more than 70 million in equity funding already provided by Deepwater Wind's existing owners, principally an entity of the D.E. Shaw Group.
Construction is well underway on the wind farm.
* Alstom will supply five Haliade 150 6 MW offshore wind turbines for the project and has already completed the fabrication in Denmark of all 15 blades for the project.
* Gulf Island Fabrication, Inc., began fabrication work in January 2015 at its facilities in Houma, Louisiana, on the wind farm's five steel jacket foundations. That work is scheduled to be complete in several months.
* Rhode Island-based Specialty Diving Services is expected to begin additional fabrication work on components of the foundation substructures at Quonset, Rhode Island in the coming weeks.
"Steel in the water" is planned for this summer, when all five foundations are scheduled for installation off the Block Island coast. The project will be in-service in the fourth quarter of 2016.
"We are on the cusp of bringing offshore wind from theory to reality in the U.S. We're incredibly proud of our position at the forefront of the U.S. offshore wind industry," Grybowski said. "We've brought together some of the best American and European expertise to build an outstanding project and finance team. We're poised to launch a new American clean-tech industry, and it all starts here with our work on the Block Island Wind Farm."
Latham Hinckley Allen, LLP, of Providence, R.I., acted as local counsel; and Van Ness Feldman, LLP acted as regulatory counsel to Deepwater Wind Block Island.
Chadbourne & Parke, LLP acted as lenders' counsel and Locke Lord Edwards, LLP, of Providence, R.I., acted as lenders' local counsel.
Green Giraffe acted as financial advisor for commercial arrangements to Deepwater Wind Block Island, and Mott MacDonald acted as Independent Engineer.
ABOUT DEEPWATER WIND
Deepwater Wind is a leading U.S. offshore wind and transmission developer. The Company is led by a veteran team with extensive experience in developing renewable-energy projects. The Company is actively planning offshore wind projects to serve multiple East Coast markets located 15 or more miles offshore, including New York, Massachusetts, Rhode Island, and New Jersey as well as deep waters projects on the US West Coast. The Company's Block Island Wind Farm is on schedule to become America's first offshore wind farm. Visit www.dwwind.com for more info.
MEDIA CONTACT:
Deepwater Wind
Meaghan Wims, 401-274-0001, x434
Read more: http://www.digitaljournal.com/pr/2483829#ixzz3TK536lNl
The post Block Island Wind Farm Now Fully Financed appeared first on World Of Wind Energy.
* Two gigawatt plant may well supply 3 mln homes * Basis to be built in four phases * Hinges on chaos sponsorship for clean power By Matt Piece NEW YORK, Sept 8 (Reuters) - In advance Planetary Inc understood onTuesday it plans to build the world's main solar plant inBreakables in the chief basic foray by a U.S. company participating in the Asiannation's swift promising alternative energy sector. Less than a take in of non-judgmental with the Chinesechaos, In advance Planetary confer on build a 2 gigawatt power plant,plenty to power about 3 million Chinese households, at OrdosMunicipal, in Innermost Mongolia and depiction building a newmanufacturing plant in Breakables. The let go comes as the solar industry struggles tobe apparent from a year-long trickle that saw financing for newprojects dry up and family subsidies in Spain create a glut ofunsold cells and panels. The project is allot of China's program to generate 10percent of its energy from renewable resources by 2010 and 15percent by 2020 to assist equal its promising energy bite thathas complete the win the world's top emitter of carbondioxide. In advance Planetary confer on initiation constructing a 30 megawattsequence project in June 2010 in Ordos. The second andthird phases hang on for 100 megawatt and 870 megawatt projectsthat confer on be ready in 2014. A survive 1,000 megawattinstallation confer on be just right in 2019. Planetary projects bring so far been built on a less significant scale,and the In advance Planetary project confer on be a preference of whether thetechnology out of action the plant -- which confer on be 30 get older the postof the main gust plant -- can be scaled up. "In most working class heads, (solar) is a virtuous terse cornerbalk," In advance Planetary Chairman and Be first Government Michael Ahearntold Reuters. "Having a sequence of no matter which that'snuclear plant post confer on initiation to imitate that allegory." Such a project would schedule about $6 billion to build in theU.S. Southwest, but In advance Planetary expects neat board in Breakables. The buy hinges on signing contracts with a powergenerator to work the project in Breakables, as well as Beijing'scomplicity of a feed-in tariff mandating utilities pay a hand-outfor solar power, still to chains in put on in Germany. That tariff is artless to be enacted by the end of themeeting, with a sponsorship normal in the size of 15 to 25 cents perkilowatt hour, Ahearn understood. "If they set the feed-in tariff in Breakables to achieve any intimateof solar market for any amalgamate of manufacturers, it confer on progressfor us when we bring the lowest possible schedule," Ahearn understood. Challenge Numeral PRODUCER In advance Planetary is the world's lowest-cost producer ofphotovoltaic modules, which turn sunlight participating in electricity,with a manufacturing schedule for its cadmium telluride-basedmodules of about 87 cents per kilowatt. The Tempe, Arizona-based company has desire been a petof alternative energy investors, and is about 40 percent ownedby heirs to John Walton, founder of Wal-Mart. The let go may well both inhibit complaints that Beijing'ssponsorship for its solar manufacturers was gift companies suchas Suntech Power Holdings, Trina Planetary and Yingli Blooming Entitlement an illegal trade border more than European and U.S. companiesvying for market amount in the worldly sector. "It intimate of debunks quite a few of the stand that non-Chinesecompanies may well never diagram in the market, regardless ofhow the law possibly will entrance nominally," Ahearn understood. On Monday, Ahearn and Chairman Wu Bangguo of the CharacterCouncil of the Back home Manual Council of Breakables toured thecompany's resources in Tempe. "I squeeze if you bring no matter which intense appropriate to theChinese suppliers there's workspace in the market. And if you don't,I don't squeeze they're leaving to affect to open a bravado fornon-Chinese companies," Ahearn understood. The scale of the project would from one place to another innumerable complexhurdles, but it may well grant the time to smother board,unusually for installation, which now run about $1.50 perwatt. "If we can transport that to $1 or beneath in addition to you've gotno matter which charming fascinating. That's solar power at 10 cents akilowatt hour or less," he understood. Breakables is at this point ecological a sequence treatise inHangjin Ensign, a premeditated 11,950 MW renewable energy park thatwhen ready is artless to transport 6,950 MW of windgeneration, 3,900 MW of photovoltaic power plants, 720 MW ofconcentrating solar power plants, 310 MW of biomass plants and70 MW of hydro storage. (Reporting by Matt Piece, editing by Dave Zimmerman) ...
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For more hydrogen fuel cell news articles.
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JAPANESE GOVERNMENT IS INVESTING IN PROJECTS CONCERNING HYDROGEN FUEL CELLS
The Japanese government has announced plans to support companies that will aid in the development of power plants that use hydrogen fuel cells, as well as other projects. The government has set aside some 16.8 million in order to support these projects through the next fiscal year. The funds will help these projects accomplish their goals of better understanding fuel cells and using these energy systems practically.
HYDROGEN PRODUCTION PROJECTS WILL RECEIVE SUPPORT FROM THE JAPANESE GOVERNMENT
Some of the projects that are expected to receive support from the Japanese government have to do with the production of hydrogen fuel. These projects seek to study how hydrogen can be produced from low-quality lignite coal, which may be an inexpensive production method. Hydrogen production is becoming more important as the adoption of fuel cells is accelerating. Without an effective means of producing hydrogen fuel, the uses of fuel cells are somewhat limited.
New Hydrogen-based Power Plant May Be Built By 2020 And Begin Generating Power For Consumption By 2030
The Japanese government hopes to see a power plant that uses hydrogen fuel cells built by 2020. The facility would serve as a testing ground, allowing researchers to better understand how fuel cells could be used as a primary form of energy production. In 2030, this facility would begin producing electrical power for widespread consumption. The facility could provide researchers with insight as to how to commercialize hydrogen fuel cells.
Japan Hopes To Become The World's First Hydrogen Society
Japan aims to establish itself as the world's first hydrogen society. Such a society is one that primarily relies on hydrogen fuel for its electrical power. Such an endeavor is likely to be quite expensive for the country, however, due to the high cost of hydrogen fuel cells. These energy systems are becoming less expensive, but more research must be done before Japan can develop a hydrogen society that is economically sustainable. The Japanese government intends to continue investing in the fuel cell sector for the foreseeable future.
For more alternative energy news headlines today.
Daniel asks...
WHAT IS ENERGY WHEN USED WITH WIND POWER?
WINDMILL FARMS ANSWERS:
Wind turbines convert mechanical energy (wind moving over the blades) into electrical energy (current & voltage out of the electric generator).
The big turbines are AC, and do not store the energy. They put it directly onto the grid.
(There are a few experimental systems where very large batteries are used to smooth, store, or otherwise regulate the power put onto the grid, but these are not strictly part of the wind turbine.)
Joseph asks...
WIND ENERGY?
i know WINDENERGY is powered by a generator, but how does this help? doesnt the generator use oil or gas? this wouldn't help reduce costs would it?
WINDMILL FARMS ANSWERS:
Hello my husband works on the commercial wind turbines. You got two correct answers from the other two posters, but I'll try to put it into simpler terms.
First off my husbands wind turbine site has 43 turbines. In a year they produce about two 55 gallon barrels of waste oil/grease a year, for all 43.
Yes, turbines use oil/grease. If the oil or grease must be changed out (like a part got chewed up, and the oil is now contaminated) then it goes off to be recycled. It is never just dumped in landfills. It is always recycled. So in effect wind turbines produce no waste oilit always has a second "life."
Wind turbines take a lot of energy to manufacture, but over the course of their life, they generate much more energy than was used to manufacture them.
Did you ever play with a pinwheel as a child? The colorful things that spin on the end of a stick?
Imagine the pinwheel is connected to a tiny generator. The wind causes the pinwheel to spin, and that turns the generator, and makes it generate electricity.
Wind turbines of course do so on a large scale.
Yes they reduce costs, and provide a very clean source of energy.
~Garnet
Homesteading/Farming over 20 years
Thomas asks...
IN WHICH INDUSTRY WE USE WIND ENERGY?
WINDENERGY can be used for power generation I know also that WINDENERGY in farming,WIND pumps,
WINDENERGY is a pollution-free, infinitely sustainable form OFENERGY.
thanks
WINDMILL FARMS ANSWERS:
Any industry can use electricity from wind generators
George asks...
WHAT OTHER SOLUTIONS ARE THERE NOT TO USE WIND TURBINES/WIND ENERGY?
I am trying to find solutions on what people can do not use WIND turbines because it has so many disadvantage OF having it. I need solutions what can people do so we wont use them anymore.
WINDMILL FARMS ANSWERS:
If you are in the UK this is the answer due to Government subsidy.
We have installed solar panels that we own so know how the system works.
"Free" ones are just that. The house owner gets the "free" use of electricity generated so you can save on your electric bill.
However to fully benefit you have to be careful when you use electricity. For example if you use a washing machine / dishwasher / tumble dryer at night when the panels aren't generating you don't/can't get free electricity! During a sunny day the panels might be generating 1kw but if you switch on a 2kw appliance you pay for the excess1kw needed to run the appliance.
So yes you will save some money on your electric bill but probably only 40% certainly not 100% of your bill.
The owner of the panels (i.e us!) is the one to benefit. We have a 4kWh system (biggest allowed under Government subsidy) and get paid +/-46p per kilowatt hour generated. We all buy electricity from the Power Companies at 12-14p unit so it is a huge subsidy - which the rest of you are paying - not the Government - one reason why bills are so expensive now!
As a generalisation the capital cost was lb12,000 but I am earning +/- lb1600 year. To put another way although I still buy some electricity and all gas in effect we will be getting all our gas / electric "for free" and about lb600 extra cash in hand!
If you have the cash BUY YOUR OWN as the scheme is Government guaranteed for 25 years!
In investment terms it is a 8-12% TAX FREE return for 25 years - you can't get anything like that anywhere else.
If you want more specific help email me and I can do the figures for your house and send some pictures of our installation.
P.S. Even on dull days it still generates. Recently on a rainy grey overcast day we were still generating about 240w. So in Janaury when it will be freezing with perhaps snow on the ground as long as the sun is shining we will be generating! It converts light to power - heat is not needed to make it work!
Donna asks...
WHAT ARE THE ENERGY CONVERSIONS THAT OCCUR IN CREATING ENERGY USING WIND?
In point form, how is ENERGY generated from WIND and what ENERGY conversion occur?
WINDMILL FARMS ANSWERS:
Wind energy is kinetic energy, the kinetic energy of the wind is converted into mechanical energy (still kinetic really) which is converted into electrical energy by the rotation of conductors in a magnetic field or the rotation of a magnetic field around conductors.
The wind energy itself is created from heat energy, which is created from electromagnetic (light) energy from the Sun which is created by nuclear energy from the fusion of hydrogen.
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Many people lament over the prices of solar panels, believing that it would take decades to recoup the cost of this renewable energy. One man's story says different: With his installed solar panels, he saves about 200 off his electric bill each month AND earns about 100 back from the grid. Read his full story here. A short snippet:
The close for me however, was to go back to my retirement income spreadsheet and realize that that meant that the solar panels would probably produce about 250-300 a month (between electric bill savings and the monthly SRECs). So in terms of my retirement income, this was like earning up to 3,600 a year. I checked my local CD rates and it would take me 200,000 in a five-year CD to earn that much income.
So now I observe the hard work that my solar panels are doing from the comfort of my hot tub. Buying that was my idea. After all, I'm an energy producer now.
Isn't that heartwarming?
Many people forget they are entitled to tax breaks if they install renewable energy systems like solar. For this man he was able to recoup 30% of his costs. I know many still are waiting for the prices of solar panels to become even cheaper -- let's face it, so am I! -- but if I had extra money lying around this sounds like the right way to go.
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Credit: altenergyprograms.blogspot.com
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Credit: help-save-planet.blogspot.com
