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Iberdrola wins 791 MW offshore wind project in Massachusetts

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Iberdrola, through its US subsidiary Avangrid, has won a 791 MW contract to develop the New England Wind 1 offshore wind farm, which will provide clean energy to 400,000 homes in Massachusetts. The project is expected to attract $3 billion in regional investments, including a new marshalling port in Salem and a wind manufacturing facility in New Bedford. Construction is set to begin in 2025, pending approval of the power purchase agreement, with full operations expected by 2029.

In August 2024, Iberdrola secured a 15-year €500 million syndicated green loan, backed by Cesce under Spain’s Green Investment Policy.

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