Avangrid and Copenhagen Infrastructure Partners (CIP) say the Vineyard Wind 1 project has launched its third-party-administered Fisheries Compensatory Mitigation Program.
The program seeks to provide equitable compensation to commercial fishermen for economic impacts attributable to the project’s construction, operations and decommissioning activities.
“Throughout the development of Vineyard Wind 1, we have focused on building relationships with local fishing communities while ensuring that each of these vital industries can co-exist to the benefit of the entire Northeast region,” says Avangrid CEO Pedro Azagra. “By launching this program we are making good on our promise to work with the fishing industry to address financial impacts related to the development of this project, and we encourage any commercial fishermen affected to apply for eligibility.”
To support the program, Vineyard Wind 1 has established three escrow funds to compensate affected fishermen in Massachusetts, Rhode Island, Connecticut, New Jersey and New York. Compensation may also be available to shoreside businesses in Massachusetts and Rhode Island.
The launch of the program opens a window until June 3 for commercial fishermen to apply for eligibility and qualify for compensation payments.
After qualifying, eligible commercial fishing vessel owners/operators will receive annual compensation payments for the first five years of the program. Every five years, participants will need to submit evidence of ongoing and active fishing activities to continue receiving payments. Fishermen do not have to demonstrate an impact to qualify for the program or receive payments.
The program is administered by independent third-party de maximis. Vineyard Wind says it is not involved in the administration or other functions of the program, which is set to continue until the project is decommissioned.
