AVANGRID (NYSE: AGR) has achieved a significant milestone by securing financial closure for the Vineyard Wind 1 project, marking it as the first commercial-scale offshore wind project in the U.S. The project, with a capacity of 800 MW, has obtained approximately $2.3 billion in financing from nine banks. Construction is set to start in Q3 2021, with the aim of supplying clean energy to location value="LS/us.ma"Massachusetts customers by 2023. This initiative is expected to reduce electricity rates by $1.4 billion over 20 years and create thousands of jobs.
AVANGRID (NYSE:AGR) and PNM Resources (NYSE:PNM) reported strong support for their merger, with nearly all 24 intervenors in the NMPRC proceedings either endorsing or not opposing the agreement. The merger promises customer benefits totaling $94 million, including $67 million in rate credits and $10 million for COVID-related relief. Economic development is projected to include 150 new jobs and $25 million in funding for local initiatives. Six governmental approvals have been secured, with NMPRC as the final step needed for completion.