CIP and Avangrid Announce First Power from Vineyard Wind 1

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 3 de janeiro de 2024

Copenhagen Infrastructure Partners

BOSTON, Jan. 03, 2024 (GLOBE NEWSWIRE) — Copenhagen Infrastructure Partners (CIP), a global leader in greenfield renewable energy investments, and Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced that power from the Vineyard Wind project was delivered to the New England grid for the first time. As part of the initial commissioning process, at 11.52 pm on Tuesday, January 2, 2024, one turbine delivered approximately five megawatts of power, with additional testing expected to happen both on and offshore in the coming weeks. The project expects to have five turbines operating at full capacity early in 2024.

“This is a historic moment for the American offshore wind industry, said Massachusetts Governor Maura Healey. Soon, Vineyard Wind will be producing power equivalent to over 400,000 Massachusetts households. This is clean, affordable energy made possible by the many advocates, public servants, union workers, and business leaders who worked for decades to accomplish this achievement. As we look ahead, Massachusetts is on a path toward energy independence thanks to our nation-leading work to stand up the offshore wind industry.”

This truly is a milestone for offshore wind and the entire renewable industry in North America. For the first time we have power flowing to the American consumers from a commercial-scale wind project, which marks the dawn of a new era for American renewables and the green transition, said Tim Evans, Partner at CIP, and Head of North America. By delivering first power, we have broken new ground and shown a viable path forward with power that is renewable, locally produced, and affordable. Much of the credit for this milestone must go to our local partners, labor leaders and the projects skilled union workforce, and local communities from New Bedford to Barnstable.

2023 was a historic year defined by steel in the water and people at work. Today, we begin a new chapter and welcome 2024 by delivering the first clean offshore wind power to the grid in Massachusetts, said Avangrid CEO Pedro Azagra. Weve arrived at a watershed moment for climate action in the U.S., and a dawn for the American offshore wind industry. As we build on this tremendous progress and work to deliver the full capacity of this historic project, we continue to stand proudly with all the partners that made this achievement possible, including the Biden Administration and the Healey-Driscoll Administration.

Power from the project interconnects to the New England grid in Barnstable, transmitted by underground cables that connect to a substation further inland on Cape Cod. Once completed, the project will consist of 62 wind turbines generating 806 Megawatts, enough to power more than 400,000 homes and businesses in Massachusetts.

Vineyard Wind 1 is jointly owned by CIP through its flagship fund, CI II and III and Avangrid. The project is being developed and constructed by Avangrid and Vineyard Offshore, CIPs affiliated development company working on U.S. offshore projects. In August 2022, Avangrid signed an agreement to assume responsibility as the operations and maintenance services provider for Vineyard Wind 1 once the project achieves commercial operations.

I congratulate Vineyard Wind on this important, hard-won milestone, demonstrating yet again that offshore wind in America is real, and that the Port of New Bedford is well-suited to support the industry, said New Bedford Mayor Jon Mitchell. This is a great way to kick off 2024.

From the outset of this project, Vineyard Wind recognized the importance of building and supporting a workforce of local, highly skilled, and diverse tradespeople. The valuable collaboration with union leadership on this project is a prime example of how this new industry can be a responsive member of the communities it serves, ensuring accessible and family-sustaining careers.

Vineyard Wind began offshore construction in late 2022, achieved steel-in-the-water in June, and completed the nations first offshore substation in July. Construction flows through the New Bedford Marine Commerce Terminal. In July 2021, Vineyard Wind signed the first Project Labor Agreement for an offshore wind project in the United States, which outlined the creation of 500 union jobs through the project. On December 14, 2023, project shareholders announced that Vineyard Wind 1 has delivered nearly double of its commitment through the PLA by creating 937 union jobs through two years of construction.

An 806-megawatt project located 15 miles off the coast of Marthas Vineyard, Vineyard Wind will generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, create 3,600 Full-Time Equivalent (FTE) job years, save customers $1.4 billion over the first 20 years of operation, and is expected to reduce carbon emissions by more than 1.6 million metric tons per year, the equivalent of taking 325,000 cars off the road annually.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the worlds largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.

CIP manages 12 funds and has to date raised approximately EUR 26 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 500 employees and 12 offices around the world. For more information, visit www.cip.com

About Avangrid
Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States.

Avangrid employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies a ranking of Americas best corporate citizens. In 2023, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.s Sustainable Development Goals and was named among the Worlds Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

Media Contacts:

CIP
Oliver Routhe Skov, Head of Media Relations
orsk@cip.com
+45 3054 1227

Avangrid
Craig Gilvarg, Director of External Communications
craig.gilvarg@avangrid.com
+1 (857) 998-1130

Vineyard Offshore
Andrew Doba, Director of Communications
adoba@vineyardoffshore.com
+1 (617) 362-3872

Investor relations:
Thomas Kønig, Partner Investor Relations
tkon@cip.com
Phone: +45 7070 5151

Charlotte Ancel, Vice President, Investor Relations
Charlotte.ancel@avangrid.com
+1 (802) 777-7800

 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/603d4051-fc97-4f98-9528-8e810bef1d17

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