Partnership combines global experience,
strategic expertise, and deep financial backing
Avangrid Renewables and Vineyard Wind, announced today that they
have formed a strategic partnership to jointly develop a large
scale wind energy project off the coast of Massachusetts. Avangrid
Renewables is acquiring a 50 percent ownership interest in Vineyard
Wind, the offshore wind energy developer that is part of the
Copenhagen Infrastructure Partners (CIP) portfolio.
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Avangrid Renewables is a subsidiary of AVANGRID Inc. (NYSE:AGR),
Iberdrola S.A. (Madrid:IBE), a worldwide leader in the energy
industry with significant offshore wind holdings in Europe, owns
81.5% of the outstanding shares of AVANGRID common stock.
The partnership of the two companies will bring extensive
offshore wind expertise and substantial financial firepower to the
Commonwealth’s initiative to build offshore wind projects in
Massachusetts.
Last summer, Massachusetts required utilities to procure 1,600
megawatts (MW) of clean, offshore wind energy within the next
decade, setting off an intense competition among offshore wind
developers in the region. When the 1,600 MW of generation capacity
are completed, they will generate enough clean, homegrown energy to
power the equivalent of more than 750,000 Massachusetts homes every
year.
Three companies to date have acquired lease rights to build
projects off the coast, including Vineyard Wind. Vineyard Wind’s
project area is about 15 miles south of Martha’s Vineyard.
“This is a major strategic partnership that combines Avangrid
Renewables’ US onshore wind development capabilities with
Copenhagen Infrastructure Partners and Iberdrola’s European
offshore wind expertise to give Vineyard Wind a significant
advantage in building Massachusetts’ first offshore wind project,”
said Lars Thaaning Pedersen, co-CEO of Copenhagen Offshore
Partners, CIP’s offshore wind development company.
Iberdrola holds offshore wind projects under development or
construction in England, Germany & France. Avangrid Renewables
recently won its first offshore wind lease auction in the US off
the coast of North Carolina. Copenhagen Infrastructure Partners is
providing investment and management for projects under construction
in Germany and Scotland. Executives with extensive offshore wind
experience from these European projects will now be joining
Vineyard Wind’s local development team, based in New Bedford,
Mass.
“This partnership allows Vineyard Wind to leverage the financial
firepower that both CIP and AVANGRID can bring to bear to develop
and build this project,” Pedersen added. “AVANGRID’s interest in
this project demonstrates that they recognize the strength of the
local team, the local support we have, and the exciting potential
for offshore wind in Massachusetts.”
CIP and its executives have developed or invested in some of the
biggest offshore wind projects in the world, including the 402 MW
Veja Mate project off of Germany and the 588 MW Beatrice project
off the coast of Scotland. CIP manages more than $4 billion in
assets. It acquired Vineyard Wind in August 2016.
“Our equal partnership in this effort demonstrates the strong
commitment we’ve made to execute our growth strategy and expand our
wind portfolio across the US,” said James P. Torgerson, AVANGRID,
CEO. “When you look at our longer term position with the Kitty Hawk
off-shore lease in NC and factor in this more immediate off-shore
opportunity in Massachusetts, combined with our family of company’s
extensive experience and knowledge, you recognize we are well
positioned to grow this sector in the US.”
Vineyard Wind plans to begin construction of its project in
early 2020, in order to bring the economic development and clean
energy benefits of offshore wind to Massachusetts as soon as
possible. Vineyard Wind has also worked hard to establish long-term
relationships and partnerships with the local community that will
provide significant benefit to the project.
About AVANGRID
AVANGRID, Inc. (NYSE:AGR) is a diversified energy and utility
company with more than $31 billion in assets and operations in 27
states. The company owns regulated utilities and electricity
generation assets through two primary lines of business, Avangrid
Networks and Avangrid Renewables. Avangrid Networks is comprised of
eight electric and natural gas utilities, serving approximately 3.2
million customers in New York and New England. Avangrid Renewables
operates 6.5 gigawatts of electricity capacity, primarily through
wind power, in 22 states across the United States. AVANGRID employs
approximately 6,800 people. For more information, visit
www.avangrid.com.
About Avangrid Renewables
Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc.
(NYSE:AGR) and part of the IBERDROLA Group. IBERDROLA, S.A., an
energy pioneer with the largest renewable asset base of any company
in the world, owns 81.5% of the outstanding shares of AVANGRID
common stock. Avangrid Renewables, LLC is headquartered in
Portland, Ore., and has more than $10 billion of operating assets
totaling more than 6,000 MW of owned and controlled wind and solar
generation in 22 U.S. states. Avangrid Renewables recently changed
its legal name from Iberdrola Renewables, LLC. For more
information, visit www.avangridren.com.
About Vineyard Wind
Vineyard Wind, a portfolio company of funds of Copenhagen
Infrastructure Partners (CIP), is an offshore wind development
company, based in New Bedford, Mass., that is seeking to build the
first large-scale offshore wind energy project in the US.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners K/S (CIP) is a fund
management company founded in 2012 by senior executives from the
energy industry. CIP and its executives have developed some of the
biggest offshore wind projects in the world, and CIP manages more
than $4 billion in assets.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170509005920/en/
Media:For AVANGRID:Michael A. West Jr.,
203-499-3858Michael.west@avangrid.comorFor Vineyard Wind and
CIP:Rasky PartnersJohn Lamontagne,
617-391-9663jlamontagne@rasky.com
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