Iberdrola S A : USA (Avangrid) accompanies His Majesty the King on his visit to New York

Iberdrola USA (Avangrid) accompanies His Majesty the King during his visit to New York

The Hispano-American Chamber of Commerce of New York, which promotes economic relations between the two countries and has become one of the most important transatlantic business organizations, received His Majesty King Felipe VI yesterday.

In the evening, Don Felipe received the Foreign Policy Association Medal, presented at the Association’s annual dinner. During this last meeting, His Majesty the King was received by the Permanent Representative of Spain to the United Nations, Agustín Santos Maraver; the Consul General of Spain in New York, Caridad Batalla; Foreign Policy Association President Noel V. Lateef; and Foreign Policy Association Vice President Sana H. Sabbagh, among other authorities. Both events were attended by Pedro Azagra, CEO of Avangrid, Iberdrola’s subsidiary in the United States.

The Chamber, founded in New York in 1959, is a private, not-for-profit American institution that promotes two-way trade and investment. It represents the interests of companies that have established or wish to establish trade and commercial relations between Spain and the United States and promotes and strengthens relations between companies, from entrepreneurs and SMEs to large companies.

The story of Iberdrola in the United States is a story of growth. In less than two decades, the company chaired by Ignacio Sánchez Galán has become, through its subsidiary, one of the largest groups in the North American electricity sector, listed on the New York Stock Exchange since 2015. Avangrid has contributed to this Iberdrola to become the most valuable company on the Spanish stock exchange with a market capitalization of around 73 billion euros and the first European energy company.

The company operates in 25 states and manages more than 9,200 megawatts (MW) of generation capacity, including more than 8,300 MW of renewables (primarily wind and solar PV), and more than 170,000 kilometers of power lines through eight distributors in New York. , Connecticut, Maine and Massachusetts. In addition, the Spanish company has a portfolio of high-quality renewable projects in the United States of more than 22,000 MW, which represent a stable platform for continued growth over the next few years as the country reaches its decarbonization goals.

Iberdrola plans to invest more than $30 billion between 2020 and 2025 in power grids and renewable energy, with the aim of doubling its clean energy capacity by 2025.

Iberdrola was also a pioneer in offshore wind power in the United States, where it manages and develops a portfolio of over 5,000 MW. It has the support of the Biden administration, which is accelerating the implementation of this technology after pledging to reach 30 GW by 2030.

In December 2021, the Spanish company launched the construction of the first large offshore wind farm in the United States (Vineyard Wind 1), which will be operational in 2023/24. The 800 megawatt (MW) project, located about 24 km south of the coast of Martha’s Vineyard, will produce enough wind power to meet the demand of more than 400,000 homes. Its commissioning will also prevent the emission of more than 1.6 million tonnes of carbon dioxide per year, the equivalent of taking 325,000 vehicles off the road.

It also owns the Kitty Hawk development area (2,500 MW) in North Carolina and initiated the BOEM permitting process for the Kitty Hawk North project (800 MW), the first project to be developed in this area. , and manages other farms in earlier times. stage of development.

In January 2022, it also completed the takeover of the offshore wind portfolio it shared with CIP (Copenhagen Infrastructure Partners) in the United States, with over 2,000 megawatts (MW) of capacity, making it one of the largest developers of this technology in the world. . This portfolio includes Commonwealth Wind, a project selected late last year to supply electricity to Massachusetts utilities. At 1,232 megawatts (MW), it is the largest offshore wind farm on the country’s east coast, it will create 11,000 full-time equivalent jobs over its lifetime and generate enough energy to power 750 000 households per year.

The Spanish company has also obtained sole ownership of Park City Wind, an offshore project with a secure PPA and permits from the Bureau of Ocean Energy Management (BOEM) in the pipeline which, with its 804 MW, will cover 14% of electricity demand. electricity in the state of Connecticut and prevent the emission of more than 25 million tons of CO2. Thanks to the partnership agreement, Iberdrola retains 50% of the Vineyard Wind 1 wind farm and the right to take control of it during the operating phase.

In total, Iberdrola’s investment in its US offshore portfolio could exceed $15 billion in the coming years.

In addition, the Iberdrola Group operates eight utilities in New York, Connecticut, Maine and Massachusetts, serving a population of seven million people, with 3.3 million direct customers.

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