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Avangrid, Inc. (NYSE:AGR), a prominent sustainable energy company and part of the Iberdrola Group, has been awarded a major contract to develop 791 megawatts (MW) of offshore wind power by the Commonwealth of Massachusetts. This significant project, known as New England Wind 1, will be located in federal lease area OCS-A-0534, approximately 30 miles south of Barnstable, Massachusetts. The project will bring wind energy ashore at Craigville Beach in Barnstable.
Avangrid CEO Pedro Azagra expressed gratitude for the support from state leaders, stating, "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. 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 is set to produce enough electricity to power approximately 400,000 homes. It is also expected to significantly reduce greenhouse gas emissions, equating to the removal of 300,000 gasoline-powered cars from the road annually. The project promises to create more than 4,400 full-time equivalent jobs and generate $3 billion in local investments, including the development of a world-class marshalling port in Salem, MA, and an offshore wind manufacturing facility in New Bedford, MA. If a power purchase agreement is signed and approved, construction could start in 2025, with the project anticipated to reach full commercial operation by 2029.
This new venture will be situated near VW1, the nation’s first large-scale offshore wind project, currently under construction 15 miles south of Martha’s Vineyard. VW1 will supply electricity to more than 400,000 homes and businesses in Massachusetts, creating 3,600 full-time equivalent job years and saving customers $1.4 billion over its first 20 years of operation. As part of the Iberdrola group, VW1 will contribute to a global network of offshore wind projects, including those in France, Germany, and the UK. Iberdrola, with approximately 2.3 gigawatts of offshore wind capacity globally, aims to reach nearly 5 gigawatts by 2026. Recently, Iberdrola secured a contract for the East Anglia Two offshore wind farm project in the UK, which has a total capacity of 963 MW.
Avangrid’s renewable portfolio spans over 75 projects across 22 states, with more than 9 gigawatts of installed wind and solar capacity. Headquartered in Orange, CT, Avangrid operates with a commitment to sustainable energy, supported by over 7,500 employees. Recognized for its environmental efforts and ethical practices, Avangrid is a member of the Iberdrola Group, contributing to its global renewable energy initiatives.
