BOEM Advances Permitting of Connecticut’s Largest Offshore Wind Project

Rhea-AI Summary

AVANGRID (NYSE: AGR) has announced that the U.S. Bureau of Ocean Energy Management issued a Notice of Intent to conduct an Environmental Impact Study for the 804 MW Park City Wind project. This offshore wind initiative is a significant milestone, aiming to deliver clean energy to Connecticut. The project is anticipated to generate about $890 million in economic development and support approximately 2,800 job years, providing around 14% of the state's electricity supply. A public comment period will last for 30 days to refine the EIS scope.

Positive

• Park City Wind project represents the largest and lowest cost purchase of offshore wind energy in Connecticut's history.
• Projected to supply approximately 14% of Connecticut’s electricity needs.
• Expected to generate $890 million in direct economic development for the state.
• Will support 2,800 full-time equivalent job years.

Negative

• None.

AVANGRID, Inc. (NYSE: AGR) today confirmed that the U.S. Bureau of Ocean Energy Management (BOEM) has issued a Notice of Intent (NOI) to proceed with an Environmental Impact Study (EIS) for the Park City Wind project, an 804 megawatt (MW) offshore wind project that is being developed by Avangrid Renewables and Copenhagen Infrastructure Partners. The NOI initiates a 30-day public comment period to define the scope of the EIS, the major permitting study required for project approval.

“This is another important milestone for AVANGRID’s portfolio of offshore wind projects,” said AVANGRID CEO Dennis V. Arriola. “We look forward to working with BOEM, the Lamont Administration, community leaders and our partners to successfully develop Park City Wind and deliver clean energy to our home state of Connecticut.”

Park City, the City of Bridgeport’s nickname due to its extensive public parks, was selected in December of 2019 by the Connecticut Department of Energy and Environmental Protection (DEEP). The project will be built in a federal lease area located over 60 miles east of Connecticut.

Park City Wind is an historic project for the state of Connecticut as it will:

• represent the largest and lowest cost purchase of offshore wind energy in state history;
• provide roughly 14% of the state’s electricity supply;
• generate an estimated $890 million in direct economic development in Connecticut; and,
• support 2,800 full-time equivalent (FTE) job years.

Barnum Landing, a 15-acre parcel located at 525 Seaview Avenue, will also be used during the construction phase of the Park City Wind project which will include storage and assembly of the transition pieces, the portion of the turbine that anchors the body of the machines to the steel foundation. The project has also established a local office, located at 350 Fairfield Avenue in Bridgeport, which will be home to more than a dozen employees focused on project development, community outreach and workforce development.

AVANGRID is headquartered in Orange, Connecticut and has been serving the Constitution State for over a century through its subsidiaries United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas.

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 $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.

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FAQ

What is the Park City Wind project by AVANGRID?

The Park City Wind project is an 804 MW offshore wind initiative by AVANGRID, confirmed to proceed with an Environmental Impact Study, aiming to deliver clean energy to Connecticut.

How much electricity will the Park City Wind project provide to Connecticut?

The Park City Wind project is expected to provide approximately 14% of Connecticut's electricity supply.

What economic benefits does the Park City Wind project offer?

The project is estimated to generate around $890 million in direct economic development and support 2,800 full-time equivalent job years.

What is the purpose of the Environmental Impact Study for the Park City Wind project?

The Environmental Impact Study will help define the project’s scope, ensuring compliance with environmental regulations before it moves forward.

Who is involved in the development of the Park City Wind project?

The project is developed by AVANGRID Renewables in partnership with Copenhagen Infrastructure Partners and involves collaboration with the U.S. Bureau of Ocean Energy Management.