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12/05/2019

AVANGRID Solidifies Clean Energy Leadership with Offshore Wind Selection in Connecticut

AVANGRID Solidifies Clean Energy Leadership with Offshore Wind Selection in Connecticut

 

AVANGRID Solidifies Clean Energy Leadership with Offshore Wind Selection in Connecticut

Company’s joint venture in Park City Wind part of growing offshore wind portfolio

 

ORANGE, CT — Dec. 5, 2019 — AVANGRID (NYSE: AGR) announced today that its Park City Wind project was chosen to advance to contract negotiations by the Connecticut Department of Energy and Environmental Protection (DEEP). The proposed 804 megawatt (MW) offshore wind development, a project of Vineyard Wind, LLC, would power approximately 14 percent of Connecticut’s electricity supply and avoid emitting more than 25 million tons of carbon emissions in the state. Vineyard Wind is a 50-50 partnership of Copenhagen Infrastructure Partners (CIP) and Avangrid Renewables.

“As one of the cleanest U.S. utilities and a leader in renewable energy, AVANGRID stands at the forefront of the nation’s transformational change in how we generate and use energy.  Through our utilities and our renewables businesses, we are positioning ourselves as a pioneer in the U.S. offshore wind industry, building the grid of the future, and developing clean and smart solutions for our customers,” said Jim Torgerson, AVANGRID CEO. “As a Connecticut-based company, with global experience in building offshore wind projects, we are proud to be selected by the state to develop this project, which will make a significant impact toward helping Connecticut meet its carbon reduction goals.”

AVANGRID’s Renewables business is already the country’s third largest wind generator and AVANGRID is emerging as the leading clean energy company in New England and the U.S. AVANGRID is engaged in several major clean energy projects in New England. These include the New England Clean Energy Connect (NECEC) project, which will deliver clean, reliable hydropower into New England, as well as another 800 MW offshore wind project off the coast of Massachusetts through its Vineyard Wind joint venture, which will be the first large-scale offshore wind project in the United States. In addition, AVANGRID has an early-stage offshore wind project under development off the coast of North Carolina and Virginia, and the company recently expressed interest in exploring floating offshore wind technology off the coast of California.

Park City Wind’s selection is the latest procurement in the state of Connecticut’s large-scale offshore wind solicitation as DEEP aims to support the development of up to 2,000 MW of offshore wind energy by 2030. Park City Wind proposes to locate wind turbines in Vineyard Wind’s federally designated lease area OCS-A 0501, located south of Martha’s Vineyard and Nantucket, in the midst of the strongest winds off the east coast and not visible from any shoreline in Connecticut.

 

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About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $34 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 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 6,500 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 by the Ethisphere Institute. For more information, visit www.avangrid.com.

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About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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