Benzinga | Dec 17, 2021 01:27PM EST

Avangrid Renewables' Commonwealth Wind Joint Venture Selected By Massachusetts To Help State Meet Its Clean Energy Goals; Terms Not Disclosed

Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE:AGR), announced today that its joint venture offshore wind project, Commonwealth Wind, has been selected as part of Massachusetts' third offshore wind competitive procurement process. The 1,232 megawatt (MW) 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.

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Salem Harbor Redevelopment Rendering (Graphic: Business Wire)

"Commonwealth Wind will power hundreds of thousands of homes and businesses in Massachusetts with clean energy, creating thousands of local jobs across the supply chain. It will also be a key project in helping the U.S. to achieve the 30 GW offshore wind target by 2030," said Chairman and CEO of Iberdrola and Chairman of AVANGRID Ignacio Gal?n. "After investing $15 billion in 8 GW of onshore wind and solar, we are now leading the way in offshore wind energy in the U.S. with the construction of Vineyard Wind One and Park City Wind. With 15 years of experience delivering projects across the world, Iberdrola and AVANGRID are working hard to ensure our investments are transformational for the environment and the economy. Our U.S. offshore wind pipeline alone could deliver over $15 billion of investment in the coming years."

"Commonwealth Wind is part of AVANGRID's vision to build a clean energy economy through community investment and reimagination. This strategic project will diversify the energy workforce with good paying jobs while providing cost-effective, renewable energy," said AVANGRID CEO Dennis V. Arriola. "The energy transition requires real commitment, expertise and vision and we thank the Baker Administration and the people of Massachusetts for their continued support as we work together to make this collective dream a reality."

With the addition of Commonwealth Wind to AVANGRID's existing portfolio of offshore wind development projects, the company will build, own and operate more than 2,400 MW of offshore clean energy once the joint venture restructuring with Copenhagen Infrastructure Partners and Avangrid Renewables closes.

Commonwealth Wind includes two transformative initiatives that convert former coal-fired power plant sites into clean energy centers including the creation of the state's first offshore wind manufacturing facility at Brayton Point in Somerset and the establishment of a second offshore wind port in Salem Harbor, both of which will provide an anchor for building long-term jobs to service this new industry.

"This is more than just one project, it is part of an effort to build a clean energy infrastructure including the transformation of ports around our state as well as jobs and training that will support this clean energy industry for decades to come," said President and CEO of Avangrid Renewables Offshore Bill White. "We are proud that Commonwealth Wind will help realize the vision of Governor Baker and the leaders of the Massachusetts Legislature in pioneering this new American industry."