Block ip Trap

Avangrid Renewables Closes Vineyard Wind JV Restructuring and Increases Offshore Wind Portfolio to 4.9 GW

11 Jan 2022

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.