Iberdrola lays Vineyard roots
CIP offloads 50% stake in 1GW Massachusetts offshore project
Copenhagen Infrastructure Partners has offloaded 50% of its stake in the 1GW Vineyard Wind development off the coast of Massachusetts to Iberdrola subsidiary Avangrid Renewables.
CIP still holds 50% of the project through two of it funds – 25% by CI-II and 25% by Copenhagen Infrastructure III K/S.
It acquired the project lease in 2016.
“The partnership will further strengthen the project through the combined extensive offshore wind expertise of the partners and CIP is pleased that the project will benefit from Avangrid’s material US presence,” CIP said.
Vineyard Wind holds the 675 square km offshore wind energy lease, which was issued by the US Bureau of Ocean Energy Management.
Vineyard Wind is also eligible to participate in the utility tender program established by Massachusetts, which calls for a total of 1.6GW of new offshore wind capacity by 2027, CIP said.