Avangrid’s up-to-3500MW Kitty Hawk project could be worth almost $5bn to the economy of Virginia, according to a fresh economic assessment of the development.
The Kitty Hawk Wind: Economic & Fiscal Impact report said the project will deliver approximately $4.8bn in economic impact across Virginia, including $1.2bn in the City of Virginia Beach.
Through development, construction, and operations, the report estimates Kitty Hawk Wind will deliver approximately $4bn in investment to the Hampton Roads region, which is uniquely positioned to provide critical services to offshore wind due to its existing port infrastructure and maritime workforce.
The report estimates the project will create more than 12,000 jobs in the Commonwealth, 9500 of which would be located within Hampton Roads.
As part of this larger economic benefit, the report calculates the City of Virginia Beach, which would serve as the host community for the interconnection of the project to the power grid, would realize $275m in property tax revenue, averaging about $7m per year over 40 years, through the 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,” said Avangrid chief executive 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.”