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Avangrid Renewables Expands Offshore Wind Portfolio with Provisional Winning Bid in New England
“Winning this lease from BOEM is an exciting step, as it demonstrates our commitment to this important and growing industry, and enables Vineyard Wind to expand the local and regional partnerships as we move forward developing the first large U.S. wind farm offshore Massachusetts next year,” said Avangrid Renewables CEO and President Laura Beane. “We are grateful to BOEM for thoughtfully working with many stakeholders in identifying this lease area as an appropriate location to generate clean energy.”
Vineyard Wind’s provisional winning bid for its lease area was $135.1 million. While the joint venture between Avangrid Renewables and CIP is currently a 50/50 partnership, Avangrid Renewables is funding 74% of this bid fee. Final execution of the lease is subject to various conditions, including BOEM review, obtaining certain regulatory approvals, and satisfactory negotiation of the lease agreement.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with $32 billion in assets and operations in 24 U.S. states. AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England. Avangrid Renewables owns and operates 7.1 gigawatts of electricity capacity, primarily through wind power, with a presence in 22 states across the United States. AVANGRID employs approximately 6,500 people. AVANGRID supports the U.N.’s Sustainable Development Goals, received a Climate Development Project climate score of “A-,” the top score received in the utilities sector, and has been recognized for two consecutive years by Ethical Boardroom as the North American utility with the “best corporate governance practices.” For more information, visit www.avangrid.com.
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