Iberdrola to invest more than $10 billion in Massachusetts

Iberdrola continues to strengthen its global leadership in the offshore wind sector, this time in Massachusetts. The group will invest more than $10 billion in the development of three offshore wind complexes.

Iberdrola's Chairman, Ignacio Galán, presented this investment at a meeting with the Governor of Massachusetts, Charlie Baker, in which he also explained the group's growth plan in the United States for the period 2020-2025, which will enable it to double its renewable generation capacity and drive the decarbonisation of the country.

"Our projects in Massachusetts will be fundamental to achieving the US target of 30,000 MW of wind energy by 2030, and with them we will generate industrial development and employment", explained Ignacio Galán.

Ignacio Galán also held a meeting with Maura Healey, Attorney General of the State of Massachusetts, to whom he also conveyed Iberdrola's commitment to investment in clean energy in the state.    

In Massachusetts, Iberdrola is developing 2,800 MW of offshore wind in three different projects and is developing an interconnection line with a capacity of 1,200 MW to transport hydroelectric power from Canada. Together, Iberdrola's projects will meet 35% of the state's electricity demand with clean and competitive energy, while helping to create around 4,000 jobs during construction over the next few years.

Construction recently began on Vineyard Wind One, the country's first large offshore wind farm. The 800 megawatt (MW) project, located about 24 kilometres south of the coast of Martha's Vineyard, will generate enough wind power to meet the demand of more than 400,000 homes. In addition, its commissioning will also prevent the emission of more than 1.6 million tonnes of carbon dioxide per year, the equivalent of taking 325,000 vehicles off the road. 

In December, Avangrid was also awarded a contract for the Commonwealth Wind offshore wind farm in Massachusetts. The 1,232 megawatt (MW) project, New England's largest offshore wind project to date, will involve a $4 billion investment and create 11,000 jobs. As part of the project, Iberdrola is promoting the installation of a submarine cable factory in the state on the site of a former coal-fired power plant.

It is also developing Park City Wind, an 804 MW project in the same area that will supply clean energy to customers in Connecticut, while revitalising the Port of Bridgeport, home to the operation and maintenance office and warehouse for construction components. The project is expected to be completed in 2027.

The company also owns the Kitty Hawk development area (2,500 MW) in the waters off North Carolina and Virginia and has begun the process of obtaining permits from the Federal Office of Ocean Energy Management (BOEM) for the Kitty Hawk North wind farm (800 MW), the first project planned in this area.

Iberdrola's history in the United States is one of growth. In less than two decades, the company chaired by Ignacio Galán has not only managed to be listed on the New York Stock Exchange, but also to position itself as one of the largest electricity groups in the country with assets of $40 billion and a presence in 25 states. This is due to the significant commitment it made 17 years ago to clean energy in the country, where it has already installed close to 10,000 MW of renewable energy, serving a population of almost 10 million people through 8 distribution companies in the states of New York, Connecticut, Maine and Massachusetts, which own a network of 170,000 kilometres.