Spanish renewable energy company Iberdrola has finished restructuring a joint venture agreement with Copenhagen Infrastructure Partners (CIP) to take full ownership in more than 2GW of a US-based offshore wind portfolio.
Through the deal, the company’s Avangrid Renewables subsidiary will become the sole owner of the 1,232MW Commonwealth Wind project in Massachusetts and the Park City Wind project in Connecticut, which has 804MW of capacity.
Commonwealth Wind is New England’s largest offshore wind project and is expected to generate enough electricity to power 750,000 households a year.
The wind project was selected last month as part of Massachusetts’ third offshore wind competitive procurement process.
Over the course of its lifetime, the project is estimated to create 11,000 full-time equivalent jobs.
In addition, Iberdrola will keep a 50% interest in the 800MW Vineyard Wind 1 project in Massachusetts, with the option to take full control of it during its operational phase.
The company said that this restructuring has increased the size of its US offshore wind pipeline to 4,900MW.
Iberdrola plans to invest more than $30bn in transmission and distribution networks by 2025, as well as renewable projects.
In a statement, the company said: “These investments are aimed at increasing our presence in the offshore wind and solar sectors, as well as strengthening our leadership in onshore wind.”
Iberdrola also owns the 2,500MW Kitty Hawk development area in North Carolina through Avangrid Renewables.
The company has begun applying for permission from the US Bureau of Ocean Energy Management (BOEM) to build the 800MW Kitty Hawk North project in the area.
Last month, Iberdrola and Siemens Gamesa partnered on several service contracts to develop 1,928MW of wind power capacity in Spain and Portugal.
The contracts apply to 69 wind projects with outputs of between 660kW and 3.465MW over a three to five-year period.
They include design modifications and improvements to the maintained fleet to help increase energy production.