Orange, Conn. (Feb. 4, 2021) – Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), today released a statement following the Bureau of Ocean Energy Management’s (BOEM) announcement that the agency intends to resume the review process for Vineyard Wind 1 which is a project of Vineyard Wind, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners (CIP).
“BOEM’s announcement to resume review of Vineyard Wind 1 marks the final stretch to the successful approval of the project,” said Alejandro de Hoz, president and CEO of Avangrid Renewables. “With Vineyard Wind 1, we will continue to pioneer offshore wind in the U.S., creating thousands of jobs and ultimately delivering clean electricity to customers in Massachusetts.”
Vineyard Wind still expects to reach financial close in the second half of 2021 and to begin delivering clean energy in 2023.
Vineyard Wind 1 is an 800-megawatt (MW) project located 15 miles off the coast of Martha’s Vineyard and is slated to become the first large-scale offshore wind farm in the United States. The project will generate cost-competitive electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, create 3,600 Full Time Equivalent (FTE) job years and is expected to reduce carbon emissions by more than 1.6 million tons per year.