Avangrid Renewables has purchased a 50% stake in offshore wind energy developer, Vineyard Wind.
Vineyard Wind, which is part of the Copenhagen Infrastructure Partners (CIP) portfolio, has collaborated with Avangrid to build a large scale wind energy project off the coast of Massachusetts.
Vineyard Wind intends to start construction on the project in early 2020, helping to increase economic development and bring clean energy benefits in the region.
Earlier, Massachusetts wanted utilities to procure 1,600MW offshore wind energy within the next decade, which can power more than 750,000 homes every year.
To date, three firms have purchased lease rights to develop projects off the coast, including Vineyard Wind, which is having project area15 miles south of Martha’s Vineyard.
Recently, Avangrid Renewables has secured its first offshore wind lease auction in the US off the coast of North Carolina.
CIP, along with its executives, has developed or invested in large offshore wind projects such as 402 MW Veja Mate project off of Germany and 588MW Beatrice project off the coast of Scotlan.
CIP, which manages around $4bn in assets, acquired Vineyard Wind in August 2016. Avangrid Renewables is a subsidiary of Avangrid and Iberdrola.
Avangrid CEO James Torgerson said: “Our equal partnership in this effort demonstrates the strong commitment we’ve made to execute our growth strategy and expand our wind portfolio across the US.”
CIP’s offshore wind development firm Copenhagen Offshore Partners co-CEO Lars Thaaning Pedersen said: “This is a major strategic partnership that combines Avangrid Renewables’ US onshore wind development capabilities with Copenhagen Infrastructure Partners and Iberdrola’s European offshore wind expertise to give Vineyard Wind a significant advantage in building Massachusetts’ first offshore wind project.”