- Iberdrola is leading clean energy growth in the US: Over $35 billion investments 2020-2025, with around $11 billion in major US infrastructure projects and acquisitions currently active in renewable energies (Vineyard Wind 1 offshore wind farm) and networks (PNM Resources transaction and the New England Clean Energy Connect Transmission Line)
- The company accelerates offshore wind investments by taking control of 804 MW Park City Wind project and up to 1,200 MW Commonwealth Wind project
- Retains 50 % of 800 MW Vineyard Wind 1 and the right to take control of the project during the operational phase
- Total investment in these three projects could be in the region of $12billion
- Reinforces global leadership position in offshore wind – pipeline and operating assets now stands at 38,000 MW
Iberdrola is accelerating its US investment strategy and global offshore wind ambitions by taking control of over 2,000 megawatts (MW) of US offshore wind capacity.
An agreement with Copenhagen Infrastructure Partners (CIP) will see Iberdrola’s Avangrid Renewables take full ownership of Park City Wind, an advanced 804 MW project in Connecticut with a PPA secured and BOEM permitting underway, and Commonwealth Wind, which last week submitted a bid for up to 1,200 MW to the third Massachusetts offshore wind competitive solicitation.
Iberdrola will also retain 50 % of the 800 MW Vineyard Wind 1 project in Massachusetts, and the right to take control of the project during the operational phase. This will be the first commercial scale offshore wind farm in the US, with construction set to commence in the coming weeks.
Total investment in these three projects could be in the region of $12 billion.
Avangrid Renewables expects to receive all the necessary approvals and consents to the agreement with CIP over the next six months.
A clean energy pioneer in the US
Iberdrola is driving clean energy growth in the US, which is the company’s leading investment destination in the coming years. The company is investing $35 billion in the period 2020-2025.
Accounting only for current major projects and acquisitions, around $11 billion of investment is active in the US. This includes the construction of Vineyard Wind 1 offshore windfarm, the merger with PNM Resources, Inc. in New Mexico and Texas and the delivery of the New England Clean Energy Connect transmission line.
By 2025 Iberdrola and Avangrid will operate 13,200 MW of renewable energy capacity in the US – an increase of over 70 % on the capacity in 2020.
As well as renewables, Iberdrola is investing significantly in US infrastructure to deliver a grid network that supports decarbonisation. $12 billion will be invested in networks through 2025 to strengthen the grid for customers and connect new clean energy projects. In addition, the proposed transaction with PNM Resources in New Mexico and Texas, with an enterprise value of $8.3 billion, will allow the company to serve a further 800,000 customers in the US. The final approval in the process is expected in Q4.
Iberdrola´s Avangrid currently controls 8 utilities in New York, Connecticut, Maine and Massachusetts, serving a population of 7 million, with 3.3 million direct customers.