Avangrid’s New England Wind 1 Project Selected by Massachusetts In Offshore Wind Solicitation
06 Septiembre 2024 - 1:21PM
Business Wire
New England Wind 1 to Provide 791 Megawatts of
Clean, Reliable Offshore Wind Power to Massachusetts by 2029,
Advancing Critical State Climate Targets
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company
and member of the Iberdrola Group, today announced it has been
awarded 791 Megawatts (MW) by the Commonwealth of Massachusetts in
the multi-state regional offshore wind solicitation. New England
Wind 1 is an offshore wind development located in federal lease
area OCS-A-0534, roughly 30 miles south of Barnstable,
Massachusetts and making landfall under the Craigville Beach
parking lot in Barnstable.
“We are grateful to Governor Healey, Lt. Governor Driscoll, and
the leadership of the entire administration in advancing energy
reliability and climate goals at this historic moment,” said
Avangrid CEO Pedro Azagra. “New England Wind 1 is positioned to
deliver an urgent energy, climate, and economic solution to
Massachusetts, and we look forward to working with the
Commonwealth, Tribal Nations, organized labor, and our community
partners moving forward.”
New England Wind 1 will produce enough electricity to power
approximately 400,000 homes and will reduce greenhouse gas
emissions equivalent to taking 300,000 gasoline-based cars off the
road annually. The project will create more than 4,400 full-time
equivalent jobs and bring $3 billion of local investment, including
a new world class marshalling port in Salem, MA and a new offshore
wind manufacturing facility in New Bedford, MA. If a power purchase
agreement is signed and approved, then the project can begin
construction in 2025 and reach full commercial operation in
2029.
The project will border VW1, the nation’s first large-scale
offshore wind project currently under construction 15 miles south
of Martha’s Vineyard. The project will generate electricity for
more than 400,000 homes and businesses in the Commonwealth of
Massachusetts, create 3,600 Full Time Equivalent job years, save
customers $1.4 billion over the first 20 years of operation. As
part of the Iberdrola group, VW1 will join the global network of
offshore wind projects in France, Germany and the United Kingdom.
Iberdrola currently operates approximately 2.3 GW of offshore wind
capacity globally and is on-target to have nearly 5 GW installed by
2026. Earlier this week, Iberdrola secured a contract for their
proposed East Anglia Two offshore wind farm project in the UK,
which has a total capacity of 963 MW.
Avangrid’s renewable portfolio includes more than 75 projects
spread across 22 states. It has over 9 Gigawatts of installed wind
and solar capacity.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be
the leading sustainable energy company in the United States.
Headquartered in Orange, CT with approximately $41 billion in
assets and operations in 24 U.S. states, Avangrid has two primary
lines of business: networks and renewables. Through its networks
business, Avangrid owns and operates eight electric and natural gas
utilities, serving more than 3.3 million customers in New York and
New England. Through its renewables business, Avangrid owns and
operates a portfolio of renewable energy generation facilities
across the United States. Avangrid employs more than 7,500 people
and has been recognized by JUST Capital in 2021, 2022 and 2023 as
one of the JUST 100 companies – a ranking of America’s best
corporate citizens. In 2023, Avangrid ranked first within the
utility sector for its commitment to the environment. The company
supports the U.N.’s Sustainable Development Goals and was named
among the World’s Most Ethical Companies in 2023 for the fifth
consecutive year by the Ethisphere Institute. Avangrid is a member
of the group of companies controlled by Iberdrola, S.A. For more
information, visit https://www.avangrid.com/
Forward-Looking Statements
Certain statements in this report may relate to our future
business and financial performance and future events or
developments involving us and our subsidiaries that are not purely
historical and may constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of
forward-looking terms such as “may,” “will,” “should,” “would,”
“could,” “can,” “expect(s),” “believe(s),” “anticipate(s),”
“intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),”
“guide(s),” “target(s),” “forecast(s),” “are (is) confident that”
and “seek(s)” or the negative of such terms or other variations on
such terms or comparable terminology. These forward-looking
statements generally include statements regarding the award in the
202[3/4] regional offshore wind solicitation held by the
Commonwealth of Massachusetts, the State of Rhode Island, and the
State of Connecticut to New England Wind 1 , including any
statements regarding the expected timetable for completing the
offshore wind project and date of commercial operation, the
permitting status of the project, the expected benefits of the
project including its generation capacity, job creation, and
related investment in the region, and any other statements
regarding Avangrid’s future expectations, beliefs, plans,
objectives, results of operations, financial condition and cash
flows, or future events or performance. Readers are cautioned that
all forward-looking statements are based upon current reasonable
beliefs, expectations and assumptions and may influenced by many
factors, which are often beyond Avangrid’s control, that can cause
actual results to differ from those expressed or implied by the
forward-looking statements. For a discussion of risk factors and
other important factors affecting forward-looking statements,
please see Avangrid’s Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q filings and the information filed on
Avangrid’s Forms 8-K with the SEC as well as its subsequent SEC
filings, and the risks and uncertainties related to the proposed
transaction, including, but not limited to: the expected timing and
likelihood of completion of the project, including the timing,
receipt and terms and conditions of any regulatory approvals of the
project or other third-party consents or approvals, the ability of
New England Wind 1 to enter into power purchase agreements in
connection with the project, or the occurrence of severe weather
events. Other unpredictable or unknown factors not discussed in
this communication could also have material adverse effects on
forward-looking statements. Should one or more of these risks or
uncertainties materialize, or should any of the underlying
assumptions prove incorrect, actual results may vary in material
respects from those expressed or implied by these forward-looking
statements. You should not place undue reliance on these
forward-looking statements. Avangrid does not undertake any
obligation to update or revise any forward-looking statements to
reflect events or circumstances after the date of this report,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. Other
risk factors are detailed from time to time in Avangrid’s reports
filed with the SEC and we encourage you to consult such
disclosures.
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Craig Gilvarg, Director of External Communications
craig.gilvarg@avangrid.com (857) 998-1130
Avangrid (NYSE:AGR)
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