The company hoping to build the Block Island wind farm has obtained $290 million in project financing.

Deepwater Wind Block Island, a subsidiary of Deepwater Wind, announced Monday that Joint Initial Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio, have provided the loans and agreed to other financial arrangements.

With these major agreements, Deepwater Wind has secured all debt and equity funding needed to construct and operate its 30-megawatt Block Island Wind Farm, which is under construction, the company said in a news release. Deepwater Wind said it is the only offshore wind company in this country to reach this critical milestone. The Block Island Wind Farm is on track to become the country's first offshore wind farm, the company said.

The financing from Societe Generale and KeyBank is in addition to more than $70 million in equity funding already provided by Deepwater Wind's existing owners, principally an entity of the D.E. Shaw Group.

Construction is underway on the wind farm. Fabrication work for the foundation structures for the five turbines for the farm is expected to begin in Quonset, R.I., in the next few weeks at Specialty Diving Services.

This summer, all five foundations are scheduled for installation off the Block Island coast. The turbines are expected to begin operating in late 2016.