PARK CITY WIND OFFSHORE WIND FARM

We will transform an underused port in Connecticut into a new wind farm

#Iberdrola projects #offshore wind #United States

Wikinger offshore wind farm (Germany).
 

Iberdrola is taking part in a new project to build a wind farm off the coast of Massachusetts (USA), in addition to Vineyard Wind 1. The farm is called Park City Wind, taking its name from the town of Bridgeport, which is known colloquially as The Park City.

With an investment of more than 1.338 billion euros, Park City Wind External link, opens in new window. will have an installed capacity of 804 MW, supplying approximately 14 % of Connecticut's electricity — equivalent to the energy used by 400,000 homes — and will prevent the emission of more than 25 million tons of carbon by the state.

The farm will be 37 kilometres off the coast of Massachusetts, south of Martha's Vineyard and Nantucket and right where there are the strongest winds on the east coast, although its silhouette will not be visible from anywhere on the coast of Connecticut.

PROJECT BENEFITS

Park City Wind will completely change the area around Bridgeport, as an operations and maintenance centre will be installed there for the next 25 years.

 It will create thousands of jobs and generate more than 890 million dollars (some 740 million euros) in investment and opportunities for economic development.

 It will invest in technical training to ensure a long-term labour force, which can serve both Park City Wind and future offshore wind projects on the east coast.

 It will invest in affordable housing.

 A commitment has also been made to integrate existing businesses in Connecticut into the offshore wind power industry.

The project will be carried out through Vineyard Wind, a company in which AVANGRID^* — Iberdrola's US subsidiary — holds a 50 % stake and the fund Copenhagen Infrastructure Partners (CIP).

RESOLUTIONS

The company has reached a long-term power sales agreement (PPA) for the farm with the electricity distribution companies Eversource Energy and United Illuminating — an AVANGRID^* distribution subsidiary —, under which they will purchase power from the farm for 20 years.

It has also partnered with Marmon Utility LLC (Kerite) making it its preferred cable supplier for at least 50 % of the project and, which will make Kerite the first US Tier 1 Supplier in offshore wind.

OTHER PROJECTS IN THE UNITED STATES

Through AVANGRID^*, Iberdrola now has 8,089 renewable MW in the U.S. and 840 more in portfolio. Following the merger with PNM Resources, it has become the third largest operator of renewables in the U.S.

AVANGRID^* is also consolidating its position as the leading clean energy company in New England, where it forms part of some of the major projects, including Kitty Hawk (2,500 MW), New England Clean Energy Connect (NECEC), with 1,200 MW, and Vineyard Wind 1 (800 MW), which will become the country's number one large scale offshore wind farm.

In addition, AVANGRID^* has an offshore wind project under development off the coast of North Carolina and Virginia, and the company expressed interest in exploring floating offshore wind technology off the coast of California.

^* AVANGRID, Inc. is 81,50 % owned by Iberdrola, S. A.

IBERDROLA, WORLD LEADER IN RENEWABLE ENERGIES

At Iberdrola, we decided to commit to renewable energies more than two decades ago as a fundamental pillar on which to build our safe, clean and competitive business model. Thanks to this vision, we are today world leaders in renewable energies, reaching 40,344 MW of renewable energy in operation by the end of the first quarter of 2023.

This commitment is reflected in our record investment plan of €47 billion in the period 2023-2025, of which we will allocate 17,000 million euros to the renewables business. With these investments, we will increase our installed renewable capacity by 12,100 MW to 52,000 MW by 2025 —6,300 MW of photovoltaic, 3,100 MW of onshore wind, 1,800 MW of offshore, 700 MW of batteries and 200 MW of hydro.