AVANGRID, Inc. announced that its joint venture offshore wind project, Vineyard Wind 1, has become the first commercial-scale offshore wind project in the United States to reach financial close. The project has closed on an aggregate of approximately $2.3 billion of construction and term loan financing with nine global lending banks. Financial close enables the 800 megawatt project to commence construction this fall in order to begin delivering clean electricity to Massachusetts in 2023. Located 15 miles off the coast of Martha’s Vineyard, Vineyard Wind 1 is expected to provide enough electricity to power more than 400,000 homes in the Commonwealth of Massachusetts, create 3,600 Full Time Equivalent (FTE) job years, reduce electricity rates by approximately $1.4 billion over the first 20 years of operation and reduce carbon emissions by more than 1.6 million metric tons per year.