December 6, 2018 — While local community members still need to comb through the details, a federal analysis of Vineyard Wind’s $2 billion construction and operations plans that is to be officially released in draft form on Friday is expected to keep the project moving forward.
“The company remains squarely on track to place equipment orders and start construction in 2019,” said Erich Stephens, Vineyard Wind’ chief development officer.
The company needs to begin construction of its 800-megawatt wind farm next year because 2019 is the final year of a federal investment tax credit program that was a component in the company’s successful bid to sell electricity to three electricity distributors in Massachusetts.
By remaining on schedule, the company can maximize the value of the tax credit, “creating $1.4 billion in savings for the Commonwealth over the life of the project,” Stephens said.
Top executives with Vineyard Wind expressed optimism in late September about completion dates for the offshore project after a Bank of America Merrill Lynch financial report indicated timely permitting by the federal Bureau of Ocean Energy Management. In late September, a spokeswoman for the federal agency said Vineyard Wind’s draft environmental impact statement would be issued for public comment by December, and that a final decision on the company’s construction and operations plan is expected next summer.