Vineyard Wind is jointly owned by funds managed by the Copenhagen Infrastructure Partners (50%) and Avangrid/Iberdrola (50%). The offshore wind farm is expected to start operations by late 2021.
In the meantime, Massachusetts neighbor Rhode Island said it had awarded a 400 MW offshore wind procurement to Deepwater Wind, a project developer owned by D.E. Shaw Group.
In 2016, Massachusetts passed a law requiring its utilities to procure 1,600 MW of offshore wind energy over the next decade under an effort to minimize emissions. When operational, the 800 MW offshore wind park in Massachusetts will provide clean energy and reduce Massachusetts’ carbon emissions by over 1.6 million tons per year.
Moving forward, the parties must negotiate a contract that requires approval by the Massachusetts Department of Public Utilities.
The cost of generating electricity from offshore wind farms has dropped dramatically in recent years, but is far more costly than power from wind facilities onshore. The US currently has just one small offshore wind farm off Rhode Island.
Separately on Wednesday, New Jersey Governor Phil Murphy signed a law that commits his state to procuring 3,500 MW of offshore wind.