Avangrid Secures Federal Approval for New England Offshore Wind Projects

Avangrid, Inc. (NYSE: AGR), a prominent sustainable energy company under the Iberdrola Group, has announced the full federal approval of the Construction and Operations Plan (COP) for its New England Wind 1 and 2 offshore projects. This approval marks a significant milestone, essentially completing the federal, state, and local permitting process for Avangrid’s 791 Megawatt New England Wind 1 project. The approval from the Bureau of Ocean Energy Management (BOEM) follows a favorable Record of Decision (ROD) issued by the Biden Administration in April 2024.

The New England Wind 1 and 2 projects are expected to generate enough clean, reliable energy to power nearly 1 million homes and businesses in the region, potentially creating thousands of jobs. Avangrid, as the leading offshore wind developer in the United States, is also advancing the Vineyard Wind 1 project, currently under construction and delivering power to 64,000 Massachusetts homes and businesses.

Avangrid CEO Pedro Azagra emphasized the achievement, stating, “Completing the federal permitting program for New England Wind is a remarkable achievement made possible by diligence of our team, the engagement of our stakeholders, and the thorough and rigorous review from our federal partners.”

The COP approval involved extensive stakeholder engagement, including Tribal Nations, local communities, and other ocean users. It follows thorough environmental impact assessments and consideration of public feedback received during the review process.

Key milestones for New England Wind 1 include securing all federal, state, and local permits, positioning the project to potentially commence construction in 2025 and begin delivering clean energy by 2029. The project site, located approximately 30 miles south of Barnstable, Massachusetts, will border the Vineyard Wind 1 to the south.

Avangrid anticipates further progress with a final Letter of Authorization from the National Marine Fisheries Service expected around July 22, 2024. The project is projected to significantly reduce carbon emissions and create up to 9,200 full-time equivalent jobs, bringing substantial economic benefits to the region.

In parallel, Avangrid has advanced the Vineyard Wind 1 project, which recently became the largest operating offshore wind farm in the United States with 10 turbines in production. This project underscores Avangrid’s leadership in the offshore wind sector, contributing to energy sustainability and economic growth in Massachusetts.

The company’s commitment extends to local workforce development, environmental conservation, and partnerships aimed at enhancing community benefits and supporting energy justice initiatives.

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