ARKANSAS, January 31 (Future Headlines)- Avangrid, the U.S. subsidiary of Spain’s Iberdrola, has unveiled its inaugural onshore wind project in Oklahoma, named Pontotoc Wind, signaling the company’s commitment to diversifying its renewable energy portfolio. This 147.5 MW wind farm is set to feature 33 turbines, contributing significantly to the onshore wind energy landscape in the United States. The announcement reflects a strategic move to tap into the profitability of onshore wind farms, which, despite producing less power compared to offshore counterparts, currently offer more lucrative returns in the U.S.
Scheduled to commence construction in 2024, Pontotoc Wind is expected to become operational, generating approximately 500,000 megawatt-hours (MWh) of power annually. This venture aligns with Avangrid’s broader mission to bolster its renewable energy capacity and contribute to the ongoing transition away from fossil fuels.
While offshore wind farms have garnered substantial investments in the pursuit of reduced reliance on traditional energy sources, Avangrid recognizes the immediate profitability associated with onshore wind projects in the U.S. This move positions the company strategically to capitalize on the current market dynamics favoring onshore wind initiatives.
Avangrid’s diversified approach to renewable energy extends beyond onshore wind, as evidenced by its offshore joint venture named Vineyard Wind. This offshore project recently achieved a significant milestone by commencing power generation in the early days of the new year. Avangrid’s involvement in both onshore and offshore wind projects underscores its commitment to addressing the growing demand for clean energy solutions.
The construction and operation of Pontotoc Wind are expected to contribute not only to Avangrid’s renewable energy capacity but also to the broader goal of enhancing sustainability in the energy sector. The project’s 147.5 MW capacity positions it as a notable addition to Avangrid’s renewable energy portfolio, reflecting the company’s proactive stance in advancing clean energy initiatives.
As Avangrid expands its presence in the renewable energy landscape, the company is poised to re-bid contracts for the sale of power from two additional offshore wind farms in future solicitations. This ongoing commitment to offshore ventures complements the strides made in onshore wind and underscores Avangrid’s multifaceted approach to meeting the evolving energy needs of the United States.
Reporting by Kevin Wood; Editing by Sarah White