Avangrid, a member of the Iberdrola Group, announced it has been awarded 791 Megawatts by the Commonwealth of Massachusetts in the multi-state regional offshore wind solicitation. New England Wind 1 is an offshore wind development located in federal lease area OCS-A-0534, roughly 30 miles south of Barnstable, Massachusetts and making landfall under the Craigville Beach parking lot in Barnstable. “New England Wind 1 will produce enough electricity to power approximately 400,000 homes and will reduce greenhouse gas emissions equivalent to taking 300,000 gasoline-based cars off the road annually. The project will create more than 4,400 full-time equivalent jobs and bring $3 billion of local investment, including a new world class marshalling port in Salem, MA and a new offshore wind manufacturing facility in New Bedford, MA. If a power purchase agreement is signed and approved, then the project can begin construction in 2025 and reach full commercial operation in 2029,” the company stated.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AGR:
- Avangrid receives FERG approval of Iberdola acquiring rest of company
- Avangrid installed more than 488,000 solar modules at True North Solar
- Avangrid, Statkraft sign second virtual power purchase agreement
- Avangrid names Nelly Jefferson as CIO, effective September 16
- Avangrid reports Q2 EPS 44c vs. 22c last year