AVANGRID Offshore Wind Joint Venture Vineyard Wind 1 Achieves Key Regulatory Milestone

Rhea-AI Summary

AVANGRID, Inc. (NYSE: AGR) announced that the U.S. Bureau of Ocean Energy Management has released the Final Environmental Impact Statement for the Vineyard Wind 1 project. This marks a critical step towards the project's construction, which aims to deliver 800 MW of clean energy to Massachusetts by 2023. The initiative is projected to create 3,600 full-time jobs and reduce electricity rates by $1.4 billion over 20 years, while cutting carbon emissions by over 1.6 million metric tons annually.

Positive

• Final Environmental Impact Statement issued for Vineyard Wind 1, allowing construction approval.
• Project expected to generate 800 MW of clean energy, powering over 400,000 homes.
• Creation of 3,600 full-time equivalent job years.
• Projected electricity cost savings of $1.4 billion over 20 years.

Negative

• None.

AVANGRID, Inc. (NYSE: AGR) confirmed today that the U.S. Bureau of Ocean Energy Management (BOEM) has issued the Final Environmental Impact Statement (FEIS) for Vineyard Wind 1. The issuance of the FEIS is the final step before a Record of Decision (ROD) from BOEM, the last approval required for construction on the project to begin. The project is under development by Vineyard Wind, a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc., and Copenhagen Infrastructure Partners (CIP).

“We are one step closer toward realizing this historic clean energy project and delivering cost-effective clean energy, thousands of jobs and more than a billion dollars in economic benefits to Massachusetts,” said Dennis V. Arriola, CEO of AVANGRID. “BOEM’s thorough review of Vineyard Wind 1 ensures that both the project and the offshore wind industry are well-positioned for long-term success.”

The FEIS is a comprehensive study conducted by BOEM to evaluate the potential environmental impacts of the proposed project and informs BOEM’s Record of Decision, which will be issued after a 30 day period which begins today. With the issuance of the FEIS, Vineyard Wind confirmed that the project remains on track to reach financial close in the second half of 2021 and begin delivering clean energy to Massachusetts in 2023.

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 enough electricity to power more than 400,000 homes and businesses in the Commonwealth of Massachusetts, create 3,600 Full Time Equivalent (FTE) job years, reduce electricity rates by $1.4 billion over the first 20 years of operation, and is expected to reduce carbon emissions by more than 1.6 million metric tons per year.

Avangrid Renewables, a leading developer of onshore wind and solar, is also pioneering the development of offshore wind in the U.S. In addition to Vineyard Wind 1, Avangrid Renewables is a partner on Park City Wind, an 800 MW project to serve the state of Connecticut, as well as on additional lease areas off the coast of Massachusetts and Rhode Island to deliver up to 3,500 MW. Avangrid Renewables also is developing Kitty Hawk Offshore Wind that has the potential to deliver 2,500 MW of clean energy into Virginia and North Carolina.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005701/en/

FAQ

What is the significance of the Final Environmental Impact Statement for AGR?

The Final Environmental Impact Statement is crucial as it allows AVANGRID to proceed with the construction of the Vineyard Wind 1 project, pending a Record of Decision from BOEM.

When is the Vineyard Wind 1 project expected to start delivering clean energy?

Vineyard Wind 1 is expected to begin delivering clean energy to Massachusetts in 2023.

How much electricity will Vineyard Wind 1 generate?

The Vineyard Wind 1 project will have a generating capacity of 800 megawatts, sufficient to power over 400,000 homes and businesses.

What are the expected economic benefits of the Vineyard Wind 1 project?

The project is expected to create 3,600 full-time equivalent job years and reduce electricity costs by $1.4 billion over the first 20 years.

How much will carbon emissions be reduced by the Vineyard Wind project?

The Vineyard Wind 1 project is projected to reduce carbon emissions by more than 1.6 million metric tons annually.