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GE & Citi Provide Tax Equity Financing To Deepwater Wind’s Block Island Wind Farm

Announced on Tuesday, GE Energy Financial Services and Citi closed tax equity financing for Deepwater Wind’s Block Island Wind Farm being developed off the coast of Rhode Island, which will be the country’s first offshore wind farm.

block-island-2GE Energy Financial Services, a division of GE and a global energy investor, along with leading global bank, Citi, announced on Tuesday that they had closed tax equity financing on Deepwater Wind’s 30 MW Block Island Wind Farm. The project has already completed construction, and Deepwater Wind is expecting to begin operation in November.

The principal owner of D.E. Shaw group retains its position with the addition of two new tax equity investors.

“An innovative project takes thoughtful and hard-working partners to navigate all of the ‘first mover’ considerations,” said Bryan Martin, Chairman of the Board of Deepwater Wind and Managing Director of D.E. Shaw & Co., L.P. “We couldn’t have asked for better institutions to partner with than Citi and GE.”

“Citi is proud to partner with GE, D.E. Shaw, and Deepwater Wind to support this innovative project,” said Marshal Salant, Global Head of Alternative Energy Finance at Citi. “The Block Island Wind Farm offers a great example of Citi’s commitment to sustainable growth and to financing the development of clean renewable energy infrastructure.”

“The Block Island Wind Farm is a landmark project in the US renewables market that GE is proud to support with capital investments and advanced wind energy technology,” added Kevin Walsh, Managing Director and Head of U.S. Renewables at GE Energy Financial Services.

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