Iberdrola to Invest Over $10 Billion to Develop Offshore Wind in Massachusetts
Global energy and electricity provider Iberdrola announced today plans to invest more than $10 billion in the development of three offshore wind complexes in Massachusetts.
Presenting the investment in a meeting with Charlie Baker, the Governor of Massachusetts, Iberdrola’s Chairman, Ignacio Galán, also outlined the company’s goal to double its renewable generation capacity in the U.S. between 2020-2025.
Iberdrola and its majority-owned US utility Avangrid are developing 2,800 MW of offshore wind in three different projects in Massachusetts, and an interconnection line with a capacity of 1,200 MW to transport hydroelectric power from Canada. According to Iberdrola, together, its projects will meet 35% of the state’s electricity demand with clean energy.
Recently, Iberdrola began constructing the Vineyard Wind One, an 800 MW project located 15 miles south off the coast of Martha’s Vineyard. The project’s commissioning will prevent the emission of more than 1.6 million tonnes of CO2 per year. Avangrid was also recently awarded a contract for the Commonwealth Wind offshore wind farm in Massachusetts, a 1,232 MW project that will involve a $4 billion investment.
Additionally, under development is the Park City Wind, an 804 MW project that will supply clean energy to customers in Connecticut while revitalizing the Port of Bridgeport. The project is expected to be completed in 2027.
The announcement aligns with Iberdrola’s €75 billion capital plan, launched in late 2020, which includes massive investments over the next few years in renewable energy, with the company anticipating nearly doubling its renewables capacity by 2025. The investments plan is primarily focused on markets in Spain, the UK, and the US. Over the next decade, the company aims to invest €150 billion, tripling its renewable energy capacity and doubling its network assets.
“Our projects in Massachusetts will be fundamental to achieving the US goal of reaching 30,000 MW of wind energy by 2030, and with them we will generate industrial development and employment.”