A U.S. developer of renewable offshore wind-power projects has received $290 million to build a five-turbine wind farm three miles southeast of Block Island in Rhode Island. The money came from Mandated Lead Arrangers Societe Generale of Paris, and KeyBank National Association of Cleveland.
Deepwater Wind said its Block Island Wind Farm, a 30-megawatt facility, should be up and running in 2016. The company said that the turbine foundations will be installed off the coast of Block Island as early as this summer.
Wind farms generate electricity from wind, and due to stronger wind speeds offshore versus those on land, they can collect a higher supply of electricity. Europe, the global leader in offshore wind, has more than 2,450 wind farms that supply electricity to more than 5 million households.
The Block Island Wind Farm is expected to produce 125,000 megawatt-hours of energy a year, enough to power more than 17,000 homes.
Deepwater hopes its Block Island project will pave the way for its 1,000-megawatt project 30 miles east of Montauk, N.Y., called Deepwater One. That project should provide electricity to power 350,000 homes on Long Island and around New England.