Avangrid Renewables, Town of Barnstable Enter Into Host Community Agreement to Advance Park City Wind Project

Rhea-AI Summary

Avangrid Renewables has signed a Host Community Agreement with the Town of Barnstable for the Park City Wind project, marking a significant milestone in the U.S. offshore wind industry. The agreement ensures $16 million in host community fees and supports a coordinated construction plan that aligns with local sewer projects. Park City Wind, an 800 MW project, will provide clean energy to around 400,000 homes and significantly reduce greenhouse gas emissions. It is scheduled for completion in 2026, reinforcing Avangrid's commitment to sustainable energy development.

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR), today announced that it has entered into a Host Community Agreement with the Town of Barnstable for the Park City Wind project. The agreement, which will be filed with the Massachusetts Energy Facilities Siting Board (EFSB), represents a key milestone for the project and positions the Town of Barnstable to secure significant local benefits from the continued development of the U.S. offshore wind industry.

“The Town of Barnstable is proud to continue to play a leadership role in our nation’s transition to clean energy,” said Barnstable Town Manager Mark Ells. “Hosting a second cable landing in Barnstable has allowed the Commonwealth to continue its efforts to chart a course for clean energy and climate action. The signing of a host community agreement with Park City Wind is a reflection of the strong community support for this clean energy initiative. The project and associated host community agreement will foster robust communication, cooperative planning and coordinated construction activities that will advance the Town’s sewer project, while providing millions of dollars in tax revenue and mitigation payments over the life of the project. We look forward to a productive relationship with Park City Wind as they continue with their efforts to provide clean and cost-effective energy.”

“As we continue to advance this vital new clean energy industry, Avangrid Renewables is honored to work with the Town of Barnstable, which has demonstrated tremendous leadership in helping make offshore wind in the U.S. a reality,” said Bill White, Avangrid Renewables’ President and CEO, Offshore. “By limiting construction to non-summer months, aligning with the Town’s sewer line installation work, and infusing significant revenue to support essential municipal services, this plan is a win-win for the Town of Barnstable and our mutual goal to build transformational clean energy projects like Park City Wind.”

The Park City Wind Host Community Agreement (HCA) is the second offshore wind benefits package signed by the Town of Barnstable, and follows the HCA the town signed for Vineyard Wind 1 in 2018. Avangrid Renewables is a 50% joint owner of the Vineyard Wind project, along with Copenhagen Infrastructure Partners.

As part of the agreement, Avangrid Renewables will pay the town $16 million as a host community fee, above and beyond the applicable commercial taxes that will be assessed by the town. Additionally, Avangrid Renewables will limit construction at the beach and along roadways to the non-summer months and will restore the western portion of the parking lot at Craigville Beach, which will be used for temporary staging. Avangrid Renewables has also committed to taking extra measures, above and beyond standard engineering practice, to protect groundwater in Barnstable.

The Town of Barnstable will support electric transmission cables from the project to make an underground landfall at Craigville Beach and run underground along town roads to a newly constructed substation at Shootflying Hill Road. Avangrid Renewables will coordinate with the planned installation of a municipal sewer line along the onshore route to minimize disruption and defray some of the town’s sewer line roadwork costs.

Park City Wind is an 800 MW offshore wind project that was awarded a contract with Connecticut in 2019. The project will provide enough clean energy to power approximately 400,000 homes per year and cut greenhouse gases by approximately 1.1 million tons annually, the equivalent of taking more than 200,000 cars off the road. In addition to Park City Wind, Avangrid Renewables is developing the 1200 Megawatt Commonwealth Wind project, providing more than 2 GW of clean, renewable energy to the New England market.

Park City Wind is currently engaged in the federal and state permitting process, consulting with tribal and local agencies, including the Barnstable, Edgartown, Nantucket Conservation Commissions, and the Cape Cod Commission. The project is scheduled to be completed in 2026.

About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 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 more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second 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 2022 for the fourth 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/20220519005771/en/

MEDIA:

Craig Gilvarg

craig.gilvarg@avangrid.com

857-998-1130

Lynne Poyant

Lynne.Poyant@town.barnstable.ma.us

(508) 862-4015

Source: Avangrid Renewables, LLC

FAQ

What is the Park City Wind project by Avangrid?

The Park City Wind project is an 800 MW offshore wind initiative by Avangrid Renewables designed to provide clean energy for approximately 400,000 homes.

What are the benefits of the Host Community Agreement in Barnstable?

The Host Community Agreement will provide $16 million in fees to Barnstable, support local sewer projects, and ensure construction during non-summer months to minimize disruption.

When is the Park City Wind project expected to be completed?

The Park City Wind project is scheduled for completion in 2026.

How much greenhouse gas reduction is expected from the Park City Wind project?

The project is expected to cut greenhouse gas emissions by approximately 1.1 million tons annually.

What is the significance of the Host Community Agreement for local development?

The agreement fosters communication and cooperation in planning, ensuring significant local benefits and revenue generation for Barnstable.

What role does Avangrid play in the renewable energy sector?

Avangrid is a leading renewable energy company in the U.S., operating a portfolio of renewable energy generation facilities.

What is the stock symbol for Avangrid?

The stock symbol for Avangrid is AGR, listed on the New York Stock Exchange.

What other projects is Avangrid developing besides Park City Wind?

Avangrid is also developing the 1200 Megawatt Commonwealth Wind project, adding to its renewable energy contributions.