Avangrid, Inc. (NYSE: AGR), a prominent sustainable energy company and part of the Iberdrola Group, has been awarded 791 megawatts (MW) for its New England Wind 1 project by the Commonwealth of Massachusetts. This offshore wind development, located in federal lease area OCS-A-0534 approximately 30 miles south of Barnstable, Massachusetts, will make landfall at Craigville Beach.
“We are deeply appreciative of Governor Healey, Lt. Governor Driscoll, and the entire administration for their leadership in advancing energy reliability and climate objectives,” stated Avangrid CEO Pedro Azagra. “New England Wind 1 is set to provide a crucial energy, climate, and economic solution for Massachusetts. We eagerly anticipate collaborating with the Commonwealth, Tribal Nations, organized labor, and community partners.”
The New England Wind 1 project is expected to generate enough electricity to power around 400,000 homes and cut greenhouse gas emissions equivalent to removing 300,000 gasoline-powered cars from the road each year. It will create over 4,400 full-time equivalent jobs and bring $3 billion in local investments, including a state-of-the-art marshalling port in Salem, MA, and a new offshore wind manufacturing facility in New Bedford, MA. Subject to the approval of a power purchase agreement, construction could start in 2025, with full commercial operations beginning in 2029.
Adjacent to VW1, the nation’s first large-scale offshore wind project under construction near Martha’s Vineyard, New England Wind 1 will supply power to over 400,000 Massachusetts homes and businesses, generating 3,600 full-time equivalent job years and saving customers $1.4 billion over the first 20 years. VW1, part of Iberdrola’s global offshore wind network, joins projects in France, Germany, and the UK. Iberdrola, which currently operates around 2.3 GW of offshore wind capacity and aims for nearly 5 GW by 2026, recently secured a contract for the East Anglia Two project in the UK with a capacity of 963 MW.
Avangrid’s renewable energy portfolio spans more than 75 projects across 22 states, with over 9 gigawatts of installed wind and solar capacity.
About Avangrid: Avangrid, Inc. (NYSE: AGR), headquartered in Orange, CT, aims to lead the U.S. in sustainable energy. With about $41 billion in assets and operations in 24 states, Avangrid focuses on networks and renewables. It owns and operates eight electric and natural gas utilities serving over 3.3 million customers in New York and New England and a diverse portfolio of renewable energy facilities. Recognized for its environmental commitment, Avangrid was named a top corporate citizen by JUST Capital and among the World’s Most Ethical Companies by the Ethisphere Institute. For more information, visit Avangrid’s website.
