First offshore wind farm to power CT homes wins final approval; will be south of Block Island [Yahoo! Finance]
Avangrid, Inc. (AGR)
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Source: Yahoo! Finance
emerge intact from a flurry of economic setbacks , has received final, government approval to begin construction. It will be the first utility scale offshore wind farm serving the two states and is on track to be the second in the northeast. The project is designed to deliver 400 megawatts of electricity to Rhode Island another 304 to Connecticut, powering the equivalent of 350,000 homes and helping both states meet their aggressive carbon reduction goals. The final approval by the U.S. Department of the Interior's Bureau of Ocean Energy Management is a rare, recent win for the capital intensive offshore wind industry, which has been nearly sunk over the last two years by a combination of inflation, rising interest rates and supply chain failures. Revolution Wind, which will soon rise over a windy stretch of ocean south of Block Island, is a joint project of regional utility Eversource and the Danish multinational Orsted. Unlike other offshore developers, the partners locked in
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