Avangrid, CIP submit report on economic input of Vineyard Wind 1
Avangrid and Copenhagen Infrastructure Partners (CIP) submitted a report to the Massachusetts Department of Energy Resources (DOER) on the economic input of their Vineyard Wind 1 wind farm off the coast of Massachusetts.
The report, entitled, “Vineyard Wind 1 Impact on Jobs and Economic Output,” found that the Vineyard Wind 1 Project has created 937 union jobs through two years of construction, which is almost twice their initial commitment to create 500 union jobs.
“When we say climate change is our greatest threat and greatest opportunity — this is what we mean,” Massachusetts Gov. Maura Healey said. “Vineyard Wind nearly doubled its commitment in job creation. Massachusetts labor unions continue to lead the way in innovative job training programs and forging important partnerships with emerging industries. This is exactly the kind of economic development we are looking to foster.”
Vineyard Wind 1 is on track to be the first large-scale offshore wind project in the United States.
“By the time we complete construction on Vineyard Wind 1, Avangrid will have delivered more than 1,000 union jobs and enough clean power for 400,000 homes and businesses in Massachusetts,” Avangrid CEO Pedro Azagra said. “The report we filed today reflects the enormous potential of offshore wind, and we’re proud of the bonds we’ve built with the unions and skilled labor in Massachusetts. Together, we’re showing the world that a clean energy future means good jobs for workers and economic opportunity for historic port communities like New Bedford.”
Avangrid and CIP officials said supportive government actions, such as federal tax credits for renewable energy projects, have been instrumental for Vineyard Wind 1. Avangrid and CIP signed the largest single asset tax equity financing package, the first such deal for a U.S. offshore wind project.
“When we signed the PLA in July of 2021, we made a commitment to bring the trades and local communities into this project, so they could get a foothold in a new industry,” Klaus Moeller, CEO of the Vineyard Wind Project, said. “I’m proud to say that we not only met that threshold; we are set to more than double it by the end of construction. It’s long been our goal for this first project to show the promise of this industry, promises that we are turning into reality day-by-day.”
Compiled by UMass Dartmouth and Springline Research Group, the report revealed that 71.5 percent of union workers on the project are residents of Southeastern Massachusetts. To date, the project has created 1,989 jobs overall, and delivered $590 million in total economic output to the Massachusetts economy.
Vineyard Wind is an 806-megawatt project located 15 miles off the coast of Martha’s Vineyard. It will generate electricity for more than 400,000 homes and businesses in Massachusetts. Offshore construction began in late 2022.
