Avangrid economic impact report estimates Kitty Hawk Wind project could generate $4.8B in benefits for Virginia
The offshore, 3,500 MW Kitty Hawk Wind project in the federal waters off Virginia could deliver approximately $4.8 billion in economic impact for the state, according to a new economic and fiscal impact report from Avangrid, Inc.
“Kitty Hawk Wind is a transformational opportunity for Virginia and offers significant economic benefit to the City of Virginia Beach and the entire Hampton Roads region,” Pedro Azagra, Avangrid CEO, said. “As the developer of Vineyard Wind 1, the nation’s first large-scale offshore wind project, Avangrid is uniquely positioned to help the Commonwealth meet its energy goals, and looks forward to strengthening the bonds we’ve built in Virginia Beach and the Hampton Roads region. Through the development, construction, and operation of this project, Avangrid will be a committed partner to Virginia Beach, ensuring the city realizes the full economic benefit of Kitty Hawk Wind while helping Hampton Roads emerge as a regional hub for offshore wind.”
Kitty Hawk Wind is set more than 36 miles from Virginia Beach, Virginia, and when finished, could generate enough power to operate more than 1 million homes and businesses, while reducing greenhouse gas emissions by more than 1.5 million metric tons. For Virginia, the report noted that the site could also generate more than 12,000 jobs, the majority of them in Hampton Roads.
At the same time, Avangrid is developing the country’s first large-scale offshore wind project off the coast of Martha’s Vineyard in Massachusetts. Vineyard Wind 1 will produce 806 MW – enough to power more than 400,000 homes and businesses in the state. It should also create 3,600 jobs along the way, while reducing carbon emissions by more than 1.6 million metric tons per year.
