Avangrid

“The inability to timely complete construction of the project in turn jeopardises the revenues and financing necessary for the project to remain viable. As the legal process proceeds, Vineyard Wind will continue to work with the Administration to understand the matters raised in the Order. Vineyard Wind will focus on working in coordination with its contractors, the federal government, and other relevant stakeholders and authorities to safely restart activities, as it continues to deliver a critical source of new power to the New England region.”

“The transaction is fully aligned with our strategy of investing in grids in countries with high credit ratings, such as the United States. Avangrid will have all the resources it needs to continue growing in transmission and distribution, and also in renewable technologies such as offshore wind.”

“Our first half financial results remained in-line with our plan. We have had many successes year-to-date; execution on our multi-year rate plans in New York and Maine, received full Federal approval for construction of the New England Wind offshore wind projects and we continue to execute onshore wind and solar PPAs. Completing the federal permitting program for New England Wind is a remarkable achievement. The approval of our COP reflects the depth of our expertise, our exhaustive and detailed planning, and our ability to deliver these critical projects.”

“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. We've 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.”

“One year ago, Avangrid was the first offshore wind developer in the United States to make public the unprecedented economic headwinds facing the industry including record inflation, supply chain disruptions, and sharp interest rate hikes, the aggregate impact of which rendered the Park City Wind project unfinanceable under its existing contracts. The best path forward for Park City Wind is in the termination of the Power Purchase Agreements and a rebid of the project.”

“Our projects have been successfully terminated at minimum cost and avoiding massive writeoffs. The termination payments of $48 million and $16 million avoided writeoffs of $1.6 billion and $1.2 billion respectively. We have preserved the future value of our offshore wind leases.”

“This is a monumental achievement and a proud day for offshore wind in the United States that proves this industry is real and demonstrates Avangrid's steadfast commitment to helping the Northeast region meet its clean energy and climate goals. While this is a landmark for this first-in-the-nation project and the industry, we remain focused on the important work ahead to continue the successful installation campaign of these massive turbines and deliver the first power to Massachusetts homes and businesses this year.”

“Despite unprecedented challenges in the global economy in the form of supply chain disruptions, historic levels of inflation, and rising interest rates, Avangrid has engaged in good-faith and productive discussions with Massachusetts state officials regarding these challenges and the need to restore the project to economic viability. Let me be really clear that we're not abandoning this project. We are continuing to invest in the project and permitting and development as we prepare for this next solicitation.”

“With our completed restructuring, we are now even better positioned to continue to lead the burgeoning offshore wind industry in the United States. We have the right team in place and the expertise to bring these projects to commercial operation, to develop and build new projects, and to help our country meet its clean offshore energy goal of 30 GW by 2030.”

“Today's milestone demonstrates the financial community's confidence in Vineyard Wind 1 and AVANGRID's sustainability strategy, and more broadly, the U.S. offshore wind industry. We are proud to pioneer this new industry and demonstrate that offshore wind can be a sound investment, while creating jobs, combating climate change and powering the economies of our coastal communities.”

“We are very excited and proud to be part of the birth of an incredibly important new industry in the U.S. Offshore wind is a key part of America's clean energy future, and Vineyard Wind 1 is a major step forward to the clean and connected future we envision and work toward every day. We appreciate the thorough review by BOEM as well as the considerable input from stakeholders. The broad engagement from many parties throughout this process has improved the project and positioned both Vineyard Wind 1 and the broader offshore wind industry for long-term success.”