Avangrid secures approval for New England Wind 1 and 2 offshore projects

Avangrid, Inc. (NYSE: AGR), a prominent player in sustainable energy within the Iberdrola Group, has announced receiving complete federal approval for its ambitious New England Wind 1 and 2 offshore wind projects. This significant milestone marks a major advancement for the projects, following the favorable Record of Decision (ROD) issued by the Biden Administration in April 2024. The projects, situated approximately 30 miles south of Barnstable, Massachusetts, are poised to deliver substantial environmental and economic benefits.

The Bureau of Ocean Energy Management (BOEM) granted the approval after extensive stakeholder engagement, including Tribal Nations, local residential and fishing communities, and other ocean users. This approval effectively concludes the federal, state, and local permitting processes required for the commencement of the New England Wind 1 project, which is set to produce 791 Megawatts of power. This project alone is expected to reduce carbon dioxide emissions by nearly 4 million US tons annually, which is equivalent to removing about 700,000 cars from the roads each year.

The New England Wind 1 and 2 projects are projected to create up to 9,200 full-time equivalent jobs and bring $8 billion in direct investment to the region. These projects will not only support nearly 1 million homes and businesses with clean, reliable energy but also play a crucial role in achieving broader environmental goals. Avangrid’s CEO, Pedro Azagra, highlighted the achievement, stating, “Completing the federal permitting program for New England Wind is a remarkable achievement made possible by the diligence of our team and the thorough review from our federal partners.”

In addition to the New England Wind projects, Avangrid is actively advancing the Vineyard Wind 1 project, the first of its kind in the nation currently under construction. This project is expected to generate enough electricity to power 64,000 homes and businesses in Massachusetts and further demonstrates Avangrid’s commitment to leading the offshore wind energy sector in the United States.