It does so through Vineyard Wind, a company 50% owned by the Iberdrola group - through Avangrid Renewables, a subsidiary of AVANGRID - and Copenhagen Infrastructure Partners (CIP).
The 800 megawatt (MW) project, located about 24 kilometres south of the coast of Martha's Vineyard, will generate enough wind power to meet the demand of more than 400,000 homes.
It will also reduce tariffs by $1.4 billion in the first 20 years of operation and its operation will also prevent the emission of more than 1.6 million tonnes of carbon dioxide per year, the equivalent of removing 325,000 vehicles from the road. The other offshore wind farm in Rhode Island has 30 MW and serves 17,000 homes.
The Chairman and CEO of Iberdrola and Chairman of Avangrid, Ignacio Galán, highlighted that Vineyard Wind is on a par with the most ambitious offshore wind projects worldwide, including those developed by the Iberdrola Group. "Not many countries have the ambition to launch their first commercial-scale project that will bring energy to 400,000 homes and create 3,600 jobs," he said.
"With 15 years of leadership in offshore wind, Iberdrola and Avangrid are more than ready to help the United States realise all the opportunities that are opening up in the offshore wind sector by making significant economic investments. This activity will enable the creation of specialised employment and the development of a supply chain in the country. Our offshore wind projects in New England and North Carolina/Virginia could represent a total investment of well over $15 billion in the coming years," he added.
Under the Draft Labour Agreement (PLA), at least 500 of the jobs created during the construction phase of the project are guaranteed to be filled by local personnel and includes high hiring targets for women and different groups that suffer racial discrimination in the United States.
Iberdrola will invest more than 35 billion dollars (30.819 billion euros) for the period 2020-2025 in the United States.
It currently has three of the country's most important energy initiatives underway, which will require 11 billion dollars (9.686 billion euros) of investment in renewables and grids: the construction of the Vineyard Wind 1 offshore wind farm, the acquisition of PNM Resources in New Mexico and Texas, and the development of the New England Clean Energy Transmission Line (NECEC).