Vineyard Wind Statement on Execution of Agreements with Massachusetts’ Electric Distribution Companies
August 1, 2018 – Vineyard Wind, which is developing the first large-scale offshore wind farm in the United States, released the following statement following today’s announcement about successful conclusion of contract negotiations with the Massachusetts electric distribution companies (EDCs) for the Vineyard Wind Connector project.
“Today’s historic filing represents the start of an industry, one that will assure access to abundant clean energy resources for decades to come, and Vineyard Wind is pleased to offer a competitive price to energy consumers in the Commonwealth of Massachusetts while continuing to advance the clear environmental and economic benefits associated with offshore wind,” said Lars Thaaning Pedersen, CEO of Vineyard Wind. “By utilizing Federal Investment Tax Credits within the structure of a long-term power purchase agreement, Vineyard Wind was able to offer an attractive price to the benefit of consumers while creating value for its shareholders. This long-term investment and commitment to Massachusetts will stimulate job growth, economic development and acceleration of an emerging offshore wind industry in the United States.”
Vineyard Wind Press Contact: Scott Farmelant, 617-939-6582, firstname.lastname@example.org