- Avangrid Renewables’ portfolio of offshore wind pipeline in New
England exceeds 2.4 GW of awarded offshore wind projects
- Company bolsters experienced offshore wind leadership team
Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR),
has completed the previously announced restructuring of its
existing Vineyard Wind joint venture to become the largest offshore
wind supplier in New England. In total, Avangrid Renewables now has
a projected offshore wind pipeline of 4.9 GW on the East Coast of
the United States – enough to power more than 2 million
households.
“With our completed restructuring, we are now even better
positioned to continue to lead the burgeoning offshore wind
industry in the United States,” said Dennis V. Arriola, CEO of
AVANGRID. “We’ve got 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 marks the next phase for the Avangrid Renewables Offshore
team as we continue to bring financial capital, global experience
and technical expertise in offshore wind to the U.S. market,” said
Bill White, president and CEO of Avangrid Renewables Offshore. “We
have built a strong team of industry-leading offshore wind
professionals, with a balanced mix of U.S. and global experts, and
plans to add as many as 100 additional professionals in the coming
year.”
Following the closing of its restructuring agreement with
Copenhagen Infrastructure Partners on January 10, Avangrid
Renewables now owns 100% of the Park City Wind (804 MW to
Connecticut) and Commonwealth Wind (1232 MW to Massachusetts)
offshore wind projects and retains a 50% share of the 800 MW
Vineyard Wind 1 project serving Massachusetts, which is also the
nation’s first commercial scale offshore wind farm. Avangrid
Renewables is also the 100% owner of Kitty Hawk Offshore Wind (2500
MW) located off the coast of North Carolina and Virginia with the
potential to deliver power to both states.
In addition, Avangrid Renewables has promoted two senior leaders
responsible for implementing the company’s growing offshore wind
project pipeline and securing its next generation of projects and
growth. The appointments further strengthen the company’s world
class offshore wind management team.
Sy Oytan has been appointed Senior Vice President for
Offshore Project Management. Oytan is now responsible for the
leadership and completion of Park City Wind and Commonwealth Wind.
Oytan also continues in his role as Deputy CEO of Vineyard Wind 1
and will remain integral to the project’s successful construction.
Oytan joined Avangrid Renewables in 2020 and has held significant
leadership positions with Siemens Gamesa, the State of New Jersey,
and Nord Renewable Energy Consulting. Oytan holds a degree in
mechanical engineering from Middle East Technical University and a
master’s in engineering from Clemson University.
Eric Thumma is promoted to Vice President for Offshore
New Business. Thumma is responsible for the businesses’ commercial
agreements, growth opportunities and strategies. Thumma joined
Avangrid Renewables in 2007 serving as Director of Policy and
Regulatory Affairs before joining the offshore business in 2019 as
Senior Director for New Business. Thumma served as a Director of
the Pennsylvania Energy Office and Deputy Secretary for Pollution
Prevention and Compliance Assistance at the Pennsylvania Department
of Environmental Protection and received his bachelor’s and
master’s degrees from the University of Pittsburgh.
About Avangrid Renewables Offshore Wind Portfolio
Vineyard Wind 1: a 50/50 joint venture with Copenhagen
Infrastructure Partners and the first commercial scale U.S.
Offshore Wind Project. The project began onshore construction last
year and when completed will deliver 800 MW to Massachusetts
customers.
Park City Wind: an 804 MW project that will deliver clean
energy to Connecticut customers while revitalizing Bridgeport’s
waterfront as home to the project’s office and transition piece
staging and operations and maintenance port.
Commonwealth Wind: a groundbreaking 1232 MW project that
will deliver clean energy to Massachusetts customers. The project
supports historic economic development investments in the
Commonwealth, including a tier I cable manufacturing facility and
the Commonwealth’s second offshore wind port in Salem, MA.
Kitty Hawk Offshore Wind: a 2,500 MW development project
off the coast of North Carolina and Virginia. The project can
deliver clean energy to both states and has received its notice of
intent to proceed with permitting from the Bureau of Ocean Energy
Management.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be
the leading sustainable energy company in the United States.
Headquartered in Orange, CT with approximately $39 billion in
assets and operations in 24 U.S. states, AVANGRID has two primary
lines of business: Avangrid Networks and Avangrid Renewables.
Avangrid Networks owns and operates eight electric and natural gas
utilities, serving more than 3.3 million customers in New York and
New England. Avangrid Renewables owns and operates a portfolio of
renewable energy generation facilities across the United States.
AVANGRID employs approximately 7,000 people and has been recognized
by Forbes and Just Capital as one of the 2021 JUST 100 companies –
a list of America’s best corporate citizens – and was ranked number
one within the utility sector for its commitment to the environment
and the communities it serves. The company supports the U.N.’s
Sustainable Development Goals and was named among the World’s Most
Ethical Companies in 2021 for the third consecutive year by the
Ethisphere Institute. For more information, visit
www.avangrid.com.
Forward-Looking Statements
Certain statements in this release may relate to our future
business and financial performance and future events or
developments involving us and our subsidiaries that are not purely
historical and may constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of
forward-looking terms such as “may,” “will,” “should,” “would,”
“could,” “can,” “expect(s),” “believe(s),” “anticipate(s),”
“intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),”
“guide(s),” “target(s),” “forecast(s),” “are (is) confident that”
and “seek(s)” or the negative of such terms or other variations on
such terms or comparable terminology. Such forward-looking
statements include, but are not limited to, statements about our
the impacts of the Vineyard Wind restructuring, the expected
benefits of the Vineyard Wind restructuring, our offshore wind
pipeline, the expected timetable for completing offshore wind
projects, the ability to recruit and retain a highly qualified and
diverse workforce in the competitive labor market, future
opportunities, plans, objectives and intentions, outlooks or other
future financial or business performance, strategies or
expectations, results of operations or financial condition of the
business and other statements about future events or performance.
Such statements are based upon the current reasonable beliefs,
expectations, and assumptions of our management and are subject to
significant risks and uncertainties that could cause actual
outcomes and results to differ materially. Important factors are
discussed and should be reviewed in our Form 10-K and other
subsequent filings with the SEC. Should one or more of these risks
or uncertainties materialize, or should any of the underlying
assumptions prove incorrect, actual results may vary in material
respects from those expressed or implied by these forward-looking
statements. You should not place undue reliance on these
forward-looking statements. We do not undertake any obligation to
update or revise any forward-looking statements to reflect events
or circumstances after the date of this release, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws. Other risk
factors are detailed from time to time in our reports filed with
the SEC, and we encourage you to consult such disclosures.
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version on businesswire.com: https://www.businesswire.com/news/home/20220111005745/en/
MEDIA: Zsoka Mcdonald zsoka.mcdonald@avangrid.com
203-997-6892
INVESTORS: Patricia Cosgel Patricia.cosgel@avangrid.com
203-499-2624
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