Park City Wind — 804 MW offshore wind, Connecticut OREC contracts
Avangrid terminated PPAs for 804 MW Park City Wind offshore project off Connecticut. $16M termination fee paid to CT utilities. Avangrid avoided $1B+ write-off as costs outpaced revenue under existing contract. Project preserved for re-bidding at higher prices. Followed similar Avangrid SouthCoast Wind termination earlier in 2023.
$16M
Deal Value
804MW
Capacity
Offshore Wind
Technology
CT
Location
Deal Details
- Deal Type
- Power Purchase & Offtake
- Seller / Sponsor
- Avangrid
- Buyer / Financier
- Eversource Energy + United Illuminating (CT EDCs)
- Deal Value
- $16M termination fee
- Stage
- Cancelled
- ISO/RTO
- ISO-NE
- Source
- Avangrid / BusinessWire
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