First Large-Scale Offshore Wind Project in U.S. to Be Built With Union Labor

Rhea-AI Summary

AVANGRID (NYSE: AGR) announces a Project Labor Agreement (PLA) with Massachusetts Building Trades for its Vineyard Wind 1 project, an 800 MW offshore wind initiative. This agreement guarantees fair wages and worker protections, ensuring a skilled workforce is available to meet project deadlines. CEO Dennis V. Arriola emphasized the PLA as a victory for workers and the industry, laying the groundwork for future offshore wind projects in the U.S. Avangrid's initiatives also include Park City Wind and Kitty Hawk Offshore Wind, which aim to deliver significant renewable energy capacity.

Positive

• Secured a Project Labor Agreement, ensuring skilled labor for Vineyard Wind 1.
• Project expected to provide fair wages and workplace protections for workers.
• Establishing a precedent for future offshore wind initiatives in the U.S.
• Vineyard Wind 1 is the first large-scale offshore wind project in the nation.

Negative

• None.

AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, is pleased to announce that its joint venture, Vineyard Wind, has today entered into a Project Labor Agreement (PLA) with the Massachusetts Building Trades and local union affiliates for the construction beginning later this year of Vineyard Wind 1, an 800 megawatt (MW) offshore wind project.

“We are proud to work with organized labor to make history by building the nation’s first large-scale offshore wind project, Vineyard Wind 1,” said Dennis V. Arriola, CEO of AVANGRID. “The PLA is a triple-win for workers, our communities and industry and sets a strong precedent as we build the offshore wind energy infrastructure in the U.S. Investing in the workforce that will build the clean and connected future creates strong, sustainable communities and will enable the long-term growth and success of the offshore wind industry in this country.”

The agreement ensures fair, family-supporting wages and thorough workplace protections for the workers who will be constructing Vineyard Wind 1, the nation’s first commercial-scale offshore wind project. The PLA also ensures that there will be talented and skilled laborers available during construction to meet the project’s needs and deliver Vineyard Wind 1 on schedule.

AVANGRID, through its subsidiary Avangrid Renewables, is a leading developer and operator of onshore wind and solar and is 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 804 MW project that will serve the state of Connecticut, as well as on additional lease areas off the coast of Massachusetts and Rhode Island which can deliver up to 3,500 MW. In the mid-Atlantic, Avangrid Renewables is developing Kitty Hawk Offshore Wind which 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.

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.

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FAQ

What is the significance of the Project Labor Agreement for AVANGRID's Vineyard Wind 1?

The Project Labor Agreement guarantees fair wages and skilled workers for the construction of Vineyard Wind 1, enhancing project delivery and setting a precedent for future projects.

When will the construction of Vineyard Wind 1 begin?

Construction of Vineyard Wind 1 is set to begin later this year.

What is the capacity of the Vineyard Wind 1 project?

Vineyard Wind 1 is an 800 megawatt offshore wind project.

How does the Vineyard Wind 1 project impact the offshore wind industry in the U.S.?

Vineyard Wind 1 is the first large-scale offshore wind project, marking a significant development in the U.S. offshore wind industry and setting a precedent for future growth.