Avangrid has released its Kitty Hawk Wind: Economic & Fiscal Impact report, finding that the project will deliver approximately $4.8 billion in economic impact across Virginia, where the site is located.
The offshore wind project is being proposed in federal waters 36 miles from the Virginia Beach coast and is expected to generate up to 3,500 MW. The report calculates that the City of Virginia Beach, which would serve as the host community for the interconnection of the project to tthe power grid, would realize $275 million in property tax revenue over the estimated 40-year, development, construction and operation of the project.
“Kitty Hawk Wind is a transformational opportunity for Virginia and offers significant economic benefit to the City of Virginia Beach and the entire Hampton Roads region,” says Avangrid CEO Pedro Azagra.
“As the developer of Vineyard Wind 1, the nation’s first large-scale offshore wind project, Avangrid is uniquely positioned to help the Commonwealth meet its energy goals, and looks forward to strengthening the bonds we’ve built in Virginia Beach and the Hampton Roads region. Through the development, construction and operation of this project, Avangrid will be a committed partner to Virginia Beach, ensuring the city realizes the full economic benefit of Kitty Hawk Wind while helping Hampton Roads emerge as a regional hub for offshore wind.”
The Kitty Hawk Wind: Economic & Fiscal Impact report was prepared by Chmura Economics & Analytics, based in Richmond.
