Avangrid is already building an offshore wind farm in the federal waters offshore Massachusetts with the Vineyard Wind 1 project well under construction and set to become the largest US offshore wind farm once in operation with an installed capacity of 806 MW.
The US arm of Iberdrola, Avangrid, is currently majority-owned by the Spanish renewable energy developer (81.6 per cent) which is on its way to acquiring full ownership of the US company. In May this year, Iberdrola and Avangrid signed an agreement under which the Spanish company will acquire the stake which it previously did not own in its subsidiary for USD 2.55 billion (approximately EUR 2.35 billion).