Investor-owned utility Avangrid Inc. is backing out of its energy buy agreements for the Park Metropolis Wind offshore mission, an 804 MW growth that has been within the works since 2019.
The corporate cites a trio of main challenges – inflation, provide chain issues and excessive rates of interest – because the trigger for the pivot, saying “the mixture impression [has] rendered the Park Metropolis Wind mission unfinanceable below its present contracts.”
“After exploring all potential options to the monetary challenges dealing with the mission and fascinating in good-faith and productive discussions with Connecticut state officers concerning these challenges, it’s clear one of the best path ahead for Park Metropolis Wind is within the termination of the facility buy agreements,” Avangrid stated in a press release.
Avangrid had signed PPAs with Connecticut’s main electrical distribution corporations for the facility offtake of the mission, which was envisioned for Lengthy Island Sound.
No particulars have been launched, however Avangrid says it plans to rebid the mission.
