Avangrid has launched its Kitty Hawk Wind: Financial & Fiscal Impression report, discovering that the mission will ship roughly $4.8 billion in financial impression throughout Virginia, the place the location is positioned.
The offshore wind mission is being proposed in federal waters 36 miles from the Virginia Seashore coast and is anticipated to generate as much as 3,500 MW. The report calculates that the Metropolis of Virginia Seashore, which might function the host neighborhood for the interconnection of the mission to tthe energy grid, would notice $275 million in property tax income over the estimated 40-year, improvement, building and operation of the mission.
“Kitty Hawk Wind is a transformational alternative for Virginia and presents vital financial profit to the Metropolis of Virginia Seashore and the complete Hampton Roads area,” says Avangrid CEO Pedro Azagra.
“Because the developer of Winery Wind 1, the nation’s first large-scale offshore wind mission, Avangrid is uniquely positioned to assist the Commonwealth meet its vitality targets, and appears ahead to strengthening the bonds we’ve in-built Virginia Seashore and the Hampton Roads area. By means of the event, building and operation of this mission, Avangrid will likely be a dedicated accomplice to Virginia Seashore, guaranteeing the town realizes the complete financial good thing about Kitty Hawk Wind whereas serving to Hampton Roads emerge as a regional hub for offshore wind.”
The Kitty Hawk Wind: Financial & Fiscal Impression report was ready by Chmura Economics & Analytics, based mostly in Richmond.
