HYANNIS – The burgeoning offshore wind industry hit another snag this week after another developer of a project just South of Martha’s Vineyard filed to terminate its contracts with energy companies.
SouthCoast Wind would pay $60 million dollars to terminate deals with Eversource, National Grid and Unitil, if approved by regulators.
The move follows recent contract terminations by Avangrid’s Commonwealth Wind in July, which paid out $48 million to companies.
Both developers cited recent economic trends as why they had to readjust their plans, adding that the then-negotiated prices were not going to be financially viable.
Avangrid is also behind the 800 Megawatt Vineyard Wind 1 project, which remains on-track for a 2024 launch.
Both projects said they plan to resubmit bids for their projects during the next state solicitation.
Offshore wind is planned to play a big role in state plans to hit net-zero greenhouse gas emissions by 2050.
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