Iberdrola boosts offshore wind business in US The power company has officially closed the agreement it had with Infrastructure Partner Copenhagen (CIP) to take over the more than 2,000 megawatt offshore (MW) shared by the two companies, thus consolidating its position as one of the largest promoters this technology in the country, the energy group reported yesterday.
Iberdrola has acquired this portfolio thanks to the restructuring of Vineyard Wind, a joint venture created between Avangrid (Iberdrola’s US subsidiary) and CIP. In this way, Spanish energy companies will take control of offshore wind projects Commonwealth Wind (1,232 MW) you Wind City Park (804 MW).
The first about The largest offshore wind facility in the New England region. This will create 11,000 jobs over its useful life and generate energy to supply 750,000 homes per year. For its part, the 804 MW Park City Wind project, located in the state of Connecticut, is in “advanced development”, with the PPA secured and the BOEM permit pending.
Besides, Iberdrola retain 50% of the Vineyard Wind 1 garden, 800 MW, in Massachusetts, whose construction begins in the last quarter of 2021, as well as the right to retain it during the exploitation phase. When operational in 2024, Vineyard Wind 1 will be the first commercial-scale offshore wind farm to operate in the country. In total, Iberdrola’s investments in its portfolio off the coast in the US it could exceed 15,000 million dollars in the next few years.
The agreement reached with its partner CIP last September includes a financial compensation $167.7 million (about 143 million euros) and will allow Iberdrola to consolidate its position in the North American country.
And that is, through her Avangrid subsidiary, present in 25 states and manages more than 8,000 MW of generating capacity. In fact, according to data provided by Iberdrola, the company is now the leader of offshore wind energy in the US, with a portfolio of 4,900 MW. At the global level, Iberdrola has an operating capacity in its portfolio and an early stage development of approximately 35,000 MW.
The utility recently unveiled an investment plan of 150,000 million euros for the next decade, which is expected to double its renewable capacity to 95,000 MW. Its main businesses are in the US (Avangrid), UK (ScottishPower), Spain, Brazil (Neoenergia), and Mexico.
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