Avangrid has decided to cancel its power purchase agreements (PPAs) for the 804MWt Park City Wind project, located off the coast of Connecticut, USA.
The company cites inflation, high interest rates, and supply chain challenges as the reasons for the cancellation. Avangrid had engaged in productive discussions with Connecticut state officials about the financial challenges facing the project but ultimately concluded that the best course of action for Park City Wind is to terminate the PPAs. The project had previously secured PPAs with Connecticut's major electric distribution companies for power offtake and was originally planned for Long Island Sound. While specific details have not been disclosed, Avangrid intends to re-bid the project.
