Iberdrola has formally concluded an agreement to take control of over 2,000 megawatts of US offshore wind capacity, consolidating its position as one of the largest developers of offshore wind in the country.The restructuring of a joint venture agreement with Copenhagen Infrastructure Partners means Iberdrola’s Avangrid Renewables takes full ownership of Commonwealth Wind, which was selected in December as part of Massachusetts’ third offshore wind competitive procurement process. The 1,232-megawatt project, New England’s largest offshore wind project to date, will create 11,000 full time equivalent jobs over the project’s lifetime and generate enough energy to power 750,000 homes annually.The company also has sole ownership of Park City Wind, an advanced 804 MW project in Connecticut with a PPA secured and BOEM permitting underway.Additionally, Iberdrola also retains 50% of the 800 MW Vineyard Wind 1 project in Massachusetts, and the right to take control of the project during the operational phase. This will be the first commercial scale offshore wind farm operating in the US, following the start of construction in Q4 2021.In total, Iberdrola’s investment in its US offshore pipeline could exceed $15 billion in the coming years.
Iberdrola has formally concluded an agreement to take control of over 2,000 megawatts of US offshore wind capacity, consolidating its position as one of the largest developers of offshore wind in the country.The restructuring of a joint venture agreement with Copenhagen Infrastructure Partners means Iberdrola’s Avangrid Renewables takes full ownership of Commonwealth Wind, which was selected in December as part of Massachusetts’ third offshore wind competitive procurement process. The 1,232-megawatt project, New England’s largest offshore wind project to date, will create 11,000 full time equivalent jobs over the project’s lifetime and generate enough energy to power 750,000 homes annually.The company also has sole ownership of Park City Wind, an advanced 804 MW project in Connecticut with a PPA secured and BOEM permitting underway.Additionally, Iberdrola also retains 50% of the 800 MW Vineyard Wind 1 project in Massachusetts, and the right to take control of the project during the operational phase. This will be the first commercial scale offshore wind farm operating in the US, following the start of construction in Q4 2021.In total, Iberdrola’s investment in its US offshore pipeline could exceed $15 billion in the coming years.
