Vineyard Wind Statement on the Biden Administration’s Offshore Wind “Jumpstart”

(NEW BEDFORD, MA) – Vineyard Wind, a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), and Copenhagen Infrastructure Partners (CIP), today issued a statement regarding the Biden Administration’s plans to jumpstart offshore wind energy.

“Vineyard Wind fully supports the Biden Administration’s ‘all of government’ strategy to turn the potential of the offshore wind industry into reality,” said Vineyard Wind CEO Lars T. Pedersen. “By taking this approach, we can move quickly toward the goal of unlocking a once-in-a-generation opportunity to create a new industry with good paying American jobs while also achieving significant reductions in carbon emissions.” 

Located 15 miles off the coast of Martha’s Vineyard, Vineyard Wind 1 is slated to become the first large-scale offshore wind farm in the United States.  With a generating capacity of 800 megawatts (MW), the project will provide significant benefits to the Commonwealth of Massachusetts by providing clean electricity to power more than 400,000 homes, creating thousands of good paying jobs, and reducing electricity rates by $1.4 billion over the first 20 years of operation.  The project is also expected to reduce carbon dioxide emissions by 1.68 million metric tons annually, the equivalent of taking 325,000 cars off the road each year.  

Vineyard Wind is expected to reach financial close in the second half of 2021 and begin delivering clean energy to Massachusetts in 2023.

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