By Ben Glickman
Avangrid plans to terminate power-purchase agreements for its stalled Park City Wind offshore project.
The Orange, Conn.-based sustainable energy company, which is a subsidiary of Spanish power company Iberdrola, said that financial challenges facing the project prompted the company to terminate its purchase power agreements with the Connecticut Electric Distribution Companies and entertain new bids for the project.
The company has warned that economic headwinds were making it more challenging to finance its offshore wind projects, and said Park City Wind was “unfinanceable under its existing contracts.”
The company said it had engaged in “good-faith and productive discussions” with officials and had determined that the best route was to terminate the PPA, under which the state would purchase wind power for the grid at a pre-negotiated rate.
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