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Deepwater Wind secures tax equity financing for 1st US offshore wind farm

Deepwater Wind has closed a tax equity financing withGeneral Electric Co.subsidiary GE Energy FinancialServices and Citi for its 30-MW Block Island offshore wind farm.

Touted as the first offshore wind facility in the United States, thewind farm located roughly 3 miles off the coast of Block Island, R.I., wascompleted in August and is set to begin commercial operations in November,according to an Oct. 11 news release.

D.E.Shaw & Co. Holdings LP will remain as the principal owner ofDeepwater Wind. GE Renewable Energy provided five 6-MW Haliade wind turbinesand will render long-term services and maintenance for the wind project.

Output from the facility will be sold to subsidiaryNarragansett ElectricCo. d/b/a National Grid USA under a 20-year power contract,according to S&P Global Market Intelligence data.