Industrial, Sourcing Renewables, Wind - January 2, 2024
Vineyard Wind Project Receives Federal Tax Credit
The Vineyard Wind 1 project received the first funding from a tax equity package signed in October 2023.
The first large-scale offshore wind project in the U.S., Vineyard Wind 1, is being financed and constructed by Avangrid, Inc., a sustainable energy company and member of the Iberdrola Group.
“Receiving this first funding from our tax equity agreement is another key achievement that takes us one important step closer to the historic delivery of first power to Massachusetts,” said Avangrid CEO Pedro Azagra, Avangrid CEO, in a statement. “As we continue to execute our construction and financing plan for Avangrid’s Vineyard Wind 1, we are demonstrating our ongoing commitment to helping turn the dream of offshore wind in the U.S. into reality.”
On-site construction of Vineyard Wind 1 began in late 2021, achieved steel-in-the-water in June 2023, and completed the nation’s first offshore substation in July 2023.
Vineyard Wind 1 is an 806 MW project located 15 miles off the coast of Martha’s Vineyard and will be the first commercial-scale offshore wind project in the U.S. that will generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts under its competitive long term power purchase agreements (PPAs) with National Grid, Eversource, and Unitil.
The project is expected to reduce carbon emissions by more than 1.6 million tons annually.
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