Klaus S. Moeller Promoted to CEO of Vineyard Wind 1
Former CEO Lars T. Pedersen to Remain on Company Board, Will Shift Focus to CIP’s US-Based Offshore Wind Development
(New Bedford, MA) – Vineyard Wind, a joint venture between Copenhagen Infrastructure Partners (CIP) and Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), today announced that Vineyard Wind 1 Project Director Klaus S. Moeller is being promoted to CEO. Mr. Moeller, who has served as Project Director for Vineyard Wind 1 since 2019, will replace Lars T. Pedersen, who will remain on the board of Vineyard Wind and will shift his focus to CIP’s US-based offshore wind development, including the OCS-A 522 Lease Area which was acquired by CIP following the recent corporate restructuring. The rest of the leadership team, including Deputy CEO Sy Oytan, Chief Development Officer Rachel Pachter, and General Counsel Jennifer Simon Lento will remain in place.
“I’m honored that I’ll be able to see Vineyard Wind 1 to completion in the role of Chief Executive Officer. Lars has been instrumental in driving this first project forward but also successfully laying the groundwork for a new industry in the US,” said Klaus S. Moeller. “As the first commercial-scale offshore wind project in the US, we have set high standards for a new industry, not only in how we operate as a company, but in the practices we expect from our suppliers and contractors. We have an amazing team that are making sure these commitments are implemented through every step of the project.”
Over the course of a career that spans 15 years with work in Europe, Australia, Asia and the United States, Mr. Moeller has been at the forefront of a new industry, developing more than 2,500 megawatts of offshore wind power. He has served as the Project Director for the Vineyard Wind 1 project since 2019. Moeller holds a Juris Doctorate from Aarhus University and a Master in Economics from Copenhagen Business School.
“This is an exciting time for both our company and the broader industry,” said Lars T. Pedersen. “I know that with Klaus at the helm, we have the right person to see the Vineyard Wind 1 project to completion. With the sale of lease areas in other parts of the US expected this year, I can’t wait to bring our industry-leading experience to projects in other parts of the country. “
“I’ve long enjoyed working with Klaus on the Vineyard Wind 1 project and welcome him to this new role,” said Bill White, President and CEO for Offshore at Avangrid Renewables. “With Klaus’s deep expertise, steady leadership, and problem solving ability, I know each and every step will be a success. I also want to recognize Lars for his tremendous leadership of Vineyard Wind 1 and the U.S. offshore wind industry.”
Located 15 miles off the coast of Martha’s Vineyard, Vineyard Wind 1 will be the first commercial-scale offshore wind farm in the United States. With a generating capacity of 800 megawatts (MW), the project will provide clean and cost-effective electricity to more than 400,000 homes, create thousands of good paying jobs, and reduce 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.
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