AVANGRID Acquires Stake in Vineyard Wind

AVANGRID Inc. subsidiary Avangrid Renewables has acquired a 50 percent ownership stake in Vineyard Wind, the offshore wind energy developer that is part of the Copenhagen Infrastructure Partners (CIP) portfolio.

Vineyard Wind is one of three companies that have acquired leases in Massachusetts waters for the purpose of building offshore wind projects. Vineyard Wind’s project area is about 15 miles south of Martha’s Vineyard.

AVANGRID is a part of Iberdrola, which holds offshore wind projects under development or construction in England, Germany and France. Avangrid Renewables also holds an offshore wind lease for North Carolina waters.

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“This is a major strategic partnership that combines Avangrid Renewables’ U.S. onshore wind development capabilities with CIP and Iberdrola’s European offshore wind expertise to give Vineyard Wind a significant advantage in building Massachusetts’ first offshore wind project,” Lars Thaaning Pedersen, co-CEO of Copenhagen Offshore Partners, said in a May 9 statement.

According to Avangrid Renewables, Vineyard Wind plans to begin construction of its project in early 2020.

National Grid Plc, Unitil Corp. and Eversource Energy last week proposed buying as much as 800 MW of offshore wind to comply with a Massachusetts law requiring them to buy a combined 1,600 MW of offshore wind energy over 10 years.

Lead image credit: Phil Hollman | CC BY 2.0 | Wikimedia Commons

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