Developers Nab Leases to Build New England Floating Wind Farms
- Units of Avangrid, Invenergy win four of eight bids in auction
- Fewer firms competed for leases amid US election uncertainty
Avangrid Inc. and Invenergy LLC units secured leases to install wind turbines across some 439,000 acres in the Gulf of Maine during a US government auction Tuesday, a week before a presidential election likely to dictate the shape of their development for years to come.
Together, the firms pledged $22 million in winning bids for four of the eight leases that were up for grabs near Massachusetts. The small showing — after 14 companies initially prequalified to participate — and the relatively small average bids of $50 per acre, come amid mounting concerns about political risk hanging over the US offshore-wind industry. Analysts said the sale results also may reflect the technical prowess — and relatively untested floating-wind technology — that will be necessary in the deep waters of the Gulf of Maine.