By Citi Private Bank, .
August 21, 2017Posted InCiti
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Citi provided long-term financing to help Deepwater Wind build the first offshore wind farm in the U.S
Block Island, RI is home to a stunning coastline and is a popular vacation destination for thousands of people each year. However, residents of the island pay some of the highest electricity prices in the country and burn millions of gallons of harmful diesel fuel each year for power. To end this inefficient and harmful dependency, the first offshore wind farm in the U.S. was built to provide clean energy to residents.
Citi provided long-term financing to help Deepwater Wind build the wind farm. GE Renewable Energy is the project's turbine supplier, providing the five, 6-megawatt wind turbines for the wind farm, which is located roughly three miles off the coast of Block Island.
Now fully operational, the Block Island Wind Farm produces enough clean energy to lower energy bills for Block Island residents by up to 40%, and reduce carbon emissions by 40,000 tons a year, ushering in a new era of American renewables. This project is part of our $100 billion commitment to sustainability projects within the next 10 years in order to reduce the impacts of climate change and create environmental solutions that benefit people and communities.