AVANGRID acquires 50% Stake in Massachusetts Offshore Wind Project

Avangrid Renewables announced that they have acquired a 50 percent ownership interest in Vineyard Wind’s, wind energy project off the coast of Massachusetts and formed a strategic partnership to jointly develop the large scale wind project.

The partnership of the two companies will bring extensive offshore wind expertise and substantial financial firepower to the Commonwealth’s initiative to build offshore wind projects in Massachusetts. Three companies to date have acquired lease rights to build projects off the coast, including Vineyard Wind. Vineyard Wind’s project area is about 15 miles south of Martha’s Vineyard.

“This is a major strategic partnership that combines Avangrid Renewables’ US onshore wind development capabilities with Copenhagen Infrastructure Partners and Iberdrola’s European offshore wind expertise to give Vineyard Wind a significant advantage in building Massachusetts’ first offshore wind project,” said Lars Thaaning Pedersen, co-CEO of Copenhagen Offshore Partners, CIP’s offshore wind development company.

AVANGRID CEO, James P. Torgerson said that their equal partnership in this effort demonstrates the strong commitment they have made to execute their growth strategy and expand their wind portfolio across the US. When we look at their longer term position with the Kitty Hawk off-shore lease in NC and factor in this more immediate off-shore opportunity in Massachusetts, combined with their family of company’s extensive experience and knowledge, we recognize they are well positioned to grow this sector in the US.