Téa Spellacy

Project Manager

Vineyard Wind 1 & Vineyard Offshore - Offshore Wind Project
Vineyard Wind 1 & Vineyard Offshore

Vineyard Wind 1 & Vineyard Offshore – U.S. Offshore Wind Leadership

Vineyard Wind 1 – The First U.S. Commercial-Scale Offshore Wind Project

Vineyard Wind 1 represents a major milestone in U.S. clean energy, as the country's first commercial-scale offshore wind project. Located 15 miles off the coast of Martha's Vineyard and Nantucket, the 806 MW project will generate enough power for 400,000+ homes, avoiding over 1.6 million tons of CO₂ annually.

In 2023, the project secured a landmark $1.2 billion tax equity deal—the largest single-asset tax equity financing in U.S. history for a renewables project—via investments from J.P. Morgan Chase, Bank of America, and Wells Fargo.

Project Details

Vineyard Wind 1

  • Capacity: 806 MW
  • Location: 15 miles off Martha's Vineyard and Nantucket
  • Power Output: 400,000+ homes
  • Environmental Impact: 1.6 million tons of CO₂ avoided annually
  • Financing: $1.2 billion tax equity deal
  • Investors: J.P. Morgan Chase, Bank of America, Wells Fargo

Vineyard Offshore Projects

  • Excelsior Wind: Lease OCS-A 544
  • Vineyard Mid-Atlantic Project: Lease OCS-A 538
  • Development Budget: $270+ million
  • Future Capacity: Thousands of MW

My Role: Financial Analyst – Vineyard Wind 1

As part of the core financial team, I supported Vineyard Wind 1 through comprehensive financial analysis and coordination.

Key Responsibilities

Financial Modeling

  • Built and refined cash flow models
  • Supported tax equity investor evaluations
  • Developed financial projections
  • Analyzed investment returns

Due Diligence

  • Managed financial documentation
  • Conducted stakeholder analysis
  • Prepared investment materials
  • Ensured compliance requirements

Cross-Functional Coordination

  • Worked with legal teams
  • Coordinated with technical experts
  • Aligned with accounting departments
  • Integrated financial strategy

Development Budget Oversight – Vineyard Offshore

Beyond Vineyard Wind 1, I supported Vineyard Offshore's development pipeline through comprehensive budget management.

Key Responsibilities

  • Managed $270+ million in development expenditure
  • Tracked capital allocation
  • Forecasted budget requirements
  • Optimized resource utilization
  • Supported multi-phase development

Key Achievements

Financial Milestones

  • Historic Financing: Supported the largest single-asset tax equity deal in U.S. renewables history
  • Budget Management: Successfully managed nine-figure development budgets
  • Investor Confidence: Contributed to strong investor relations
  • Financial Strategy: Enabled informed decision-making across projects

Project Impact

  • Industry Leadership: Advanced U.S. offshore wind development
  • Environmental Benefits: Supported significant CO₂ reduction
  • Economic Growth: Contributed to local and national economic development
  • Energy Security: Enhanced U.S. renewable energy capacity

Lessons Learned

  1. Financial Innovation: Success in pioneering projects requires creative financial solutions
  2. Cross-Functional Integration: Effective coordination across disciplines is essential
  3. Budget Management: Careful tracking and forecasting are crucial for large-scale projects
  4. Stakeholder Engagement: Clear communication with all parties is key to success

Looking Forward

This experience demonstrates:

  • The growing potential of U.S. offshore wind
  • The importance of financial expertise in renewable energy
  • The value of comprehensive project management
  • The potential for future offshore wind development

Further Reading