The President of the United States, Joe Biden, accompanied by the President of Iberdrola, Ignacio Galán, today visited one of the facilities that are part of the plan of the listed subsidiary of Iberdrola in the country for the construction of projects offshore wind farms in new england. The electricity company chaired by Ignacio Galán will invest 10 billion dollars in these projects during this decade.
Biden met with Iberdrola President Ignacio Galán, accompanied by 25 American authorities and businessmen. They were also joined by the President’s National Climate Advisor and former Director of the US Environment Agency, Gina McCarthy, and several members of Congress from Massachusetts. President Biden wanted to highlight the new US energy policy and his government’s support for Iberdrola’s investments in North America.
Three offshore wind farms
The three offshore wind farms are already under construction or in advanced development, and all have long-term power sales contracts in Massachusetts and Connecticut. They will have a total capacity of 2,800 MW, create nearly 11,000 new jobs and provide emission-free electricity to nearly 1.6 million homes and businesses.
The first of three wind farms, Vineyard Wind, will be the first large-scale wind farm in the United States and will begin producing electricity late next year. Iberdrola demonstrates its pioneering role in this sector in the United States.
As part of the proposal made when awarding the third of the offshore wind farms, Commonwealth Wind, Iberdrola has committed to developing Massachusetts’ first offshore wind cable manufacturing facility on the site of a former coal plant. in Somerset, Massachusetts (Brayton Point), which Joe Biden visited today. Factory, which will create many local jobsis expected to open in early 2026 and supply cables to Iberdrola Commonwealth wind projects such as Park City Wind.
Mr. Biden met with the president of Iberdrola, Ignacio Galán, and was accompanied by 25 authorities and American businessmen. Also present were the President’s National Climate Advisor and former head of the US Environment Agency, Gina McCarthy, and several members of Congress from Massachusetts. The US President’s visit to the future offshore wind cable manufacturing plant is a declaration of intent on the country’s new energy policy.
The first of the three parks, Vineyard Wind, with an installed capacity of 800 MW and an investment of 2.5 billion euros, is the first commercial-size wind farm in the United States and one of the largest Iberdrola parks in the world. Its construction, which officially began in November 2021, continues to progress and is expected to start producing energy at the end of next year. With it, Iberdrola demonstrates its pioneering character in this sector in the United States.
My message today is loud and clear: Since Congress is not acting on the climate emergency, I will.
And in the coming weeks my Administration will begin to announce executive actions to combat this emergency.
— President Biden (@POTUS) July 20, 2022
In December 2021, the company also won a contract for the Commonwealth Wind offshore wind farm in Massachusetts. The 1,232 megawatt (MW) project, the largest offshore wind project in New England to date, will require an investment of $4 billion. As part of this project, Iberdrola has committed to developing Massachusetts’ first offshore wind cable manufacturing facility on the site of a former coal plant in Somerset, Massachusetts (Brayton Point). The plant, which will create many local jobs, is expected to open in early 2026 and supply cables to Iberdrola Commonwealth wind projects such as Park City Wind.
Also under development in the same area is Park City Wind, an 804 MW project that will provide clean energy to customers in Connecticut, while revitalizing the Port of Bridgeport, home of the operations and maintenance office. and the components warehouse for the construction. The project is expected to be completed in 2027.
A story of growth
The story of Iberdrola in the United States is one of success. In less than two decades, the company chaired by Ignacio Galán has become, through its subsidiary listed in the country, Avangrid, one of the largest groups in the North American electricity sector, listed on the New York Stock Exchange. since 2015. She has helped make Iberdrola the most valuable company on the Spanish stock exchange, with a market capitalization of 61,000 million euros, and the leading European energy company.
The company is present in 25 states and manages more than 9,300 megawatts (MW) of installed capacity, including more than 8,500 MW of renewable energy (primarily wind and solar PV), and more than 170,000 kilometers of power lines through eight distributors in New York, Connecticut, Maine and Massachusetts. In addition, the Spanish company has a portfolio of high-quality renewable projects in the United States of more than 22,000 MW, which represent a stable platform for continued growth over the next few years, as the country reaches its decarbonization goals.
In addition to being one of the top three wind and solar energy companies in the United StatesIberdrola is a leader in offshore wind, with a portfolio of over 5,300 MW at the end of the first quarter of 2022.
Iberdrola also owns the Kitty Hawk development area (2,500 MW) in waters off North Carolina and Virginia and has begun the permitting process with the Federal Office of Ocean Energy Management (BOEM) for the Kitty Hawk North Wind Farm (800 MW), the first project planned in this area.
Thanks to the company’s commitment to renewable energy, Avangrid’s CO2 emissions intensity at the end of last fiscal year was already 6.5 times lower than the US utility average.
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