May 9, 2017

Avangrid takes 50% stake in Mass. offshore wind developer

Flickr | mmatsuura
Flickr | mmatsuura
An offshore wind turbine off the coast of Japan.

Avangrid Renewables, a subsidiary of New Haven-based parent Avangrid Inc., has acquired a 50 percent ownership interest in Vineyard Wind, an offshore wind energy developer in Massachusetts.

The strategic partnership combines Avangrid Renewables' U.S. onshore wind development business with that of Vineyard Wind, which is part of the Copenhagen Infrastructure Partners (CIP) portfolio.

Avangrid Inc. is an energy services and delivery company and subsidiary of Iberdrola USA, which merged in 2015 with UIL Holdings Corp.

Last summer, Massachusetts required utilities to procure 1,600 megawatts (MW) of clean, offshore wind energy within the next decade. When the 1,600 MW of generation capacity are completed, they will generate enough clean, homegrown energy to power the equivalent of more than 750,000 Massachusetts homes every year.

Vineyard Wind, which is one of three competitors, has a project area of about 15 miles, located south of Martha's Vineyard. Vineyard Wind plans to begin construction of its project in early 2020.

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