Iberdrola, a company chaired by Ignacio Galán, through its subsidiary in the United States Avangrid, has obtained ROD authorization from the Biden Administration for its New England offshore wind farm. This Federal Record of Decision (ROD) along with the Approval of the Construction and Operations Plan (COP), which is expected this year, represents an important milestone in obtaining permits to build the future park.
In a statement, Avangrid highlighted that this progress in permitting brings it closer to federal approval for construction, with the approval of the Construction and Operations Plan (COP) scheduled for this coming July.
The CEO of Iberdrola’s US subsidiary, Pedro Azagra, highlighted that this milestone granted by the Joe Biden Administration “represents a historic step towards the future of offshore wind energy in the United States.”
New England Wind
On February 26, 2024, New England Wind received the Final Environmental Impact Statement (FEIS). The issuance of the ROD authorization by the Department of the Interior follows years of intense engagement with members of the local residential and fishing communities and other stakeholders. Approval of the Construction and Operations Plan (COP) is expected for July 2024.
The New England Wind project, consisting of New England Wind 1 and New England Wind 2, has the potential to create thousands of jobs and provide approximately 2 gigawatts of clean, reliable energy, enough to power nearly one million homes and businesses of the region, which would mean the reduction of almost 4 million tons of carbon dioxide, equivalent to removing about 700,000 cars from circulation per year during the useful life of the project. In total it will create up to 9,200 full-time qualified jobs and provide $8 billion in direct investments to the region.
In addition, the project also offers opportunities for economic growth and industrial attraction in the area.
New England Wind 1 is exceptionally advanced for commissioning and offers extraordinary safety and feasibility. In fact, it is the most advanced and ready offshore wind energy opportunity in the Northeast region.
If finally selected, the project, which would be located about 50 kilometers south of Barnstable (Massachusetts) could begin construction in 2025 and be in commercial operation before the end of this decade, thus contributing to achieving the ambitious climate goals set for 2030 by the state of New England.
The US as an investment focus for Iberdrola
The United States is Iberdrola’s main investment focus within its 2024-2026 strategic plan, to which it will allocate 41 billion euros. Specifically, the country will receive 35% of the investment, about 14,350 million euros. What’s more, according to an interview in the Financial Times with the president of Iberdrola, Ignacio Galán, the objective of investing in this territory is due to its distribution and transportation networks.
Electrical networks will be the main segment of investments. Some 21.5 billion euros will be dedicated mainly to expanding and strengthening networks. In terms of renewables, Iberdrola plans to invest 15.5 billion euros gross in the coming years, of which more than half will focus on offshore wind in the United States, United Kingdom, France and Germany, totaling 3,000 MW.
And the energy company led by Ignacio Sánchez Galán is the main promoter of offshore wind energy in the United States. Currently the company has the Vineyard Wind I park under construction. And, among its other notable projects in offshore wind, in addition to Vineyard Wind I, the East Anglia Hub complex stands out in the United Kingdom, which contains three projects with a total installed capacity of 2,900 MW, Saint-Brieuc, in France, or its three parks in Baltic waters: Wikinger, Baltic Eagle and Windanker.
2024-04-03 10:06:06
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