- Press Releases
October 8 (Renewables Now) - Vineyard Wind, the developer of the 800-MW wind project off Massachusetts, has signed a Host Community Agreement (HCA) with the town of Barnstable on Cape Cod that sets the financial terms related to the substation and transmission cables for the plant.
The agreement is a step forward in the project schedule that envisages the start of construction to be next year, while commissioning to be held by 2021. The plant, to be built 15 miles (24 km) south of Martha's Vineyard, will be the US' first large-scale offshore wind farm following completion.
Vineyard Wind, a 50/50 partnership between Copenhagen Infrastructure Partners (CIP) and Avangrid Renewables LLC, said on Friday that the pact directs it to pay at least USD 1.53 million per year in property taxes and host community payments of USD 16 million (EUR 13.9m) in total, plus some USD 60,000 for each year the wind farm operates beyond 25 years.
Details about the town hosting a new substation for the wind park are also set in the agreement, in addition to specifications regarding transformers, other electrical equipment and transmission cables.
The huge wind farm will be built by Massachusetts’ electric distribution companies under a long-term contract with the project developer. Once up and running, it will be able to generate electricity for over 400,000 local homes and businesses. The project is still in the permitting stages and is undergoing a series of consultation processes and extensive public review.
(USD 1.0 = EUR 0.869)