Wind farm could rake in nearly $5 billion: 'Energy supply in the region is critical to maintaining and growing the economy'
Sustainable energy company Avangrid unveiled its economic and fiscal impact report on March 1 and announced that its Kitty Hawk Wind project along the Atlantic Coast is estimated to deliver $4.8 billion to Virginia.
The host city of Virginia Beach would receive a quarter of that total over 40 years and another $275 million in cumulative property tax revenue from the power grid interconnection. The latter comes out to just under $7 million a year across four decades, which can then be reinvested into the community.
The development, construction, and operations of Kitty Hawk Wind would also bring a cumulative $4 billion to Hampton Roads, which includes Virginia Beach.
"Avangrid estimates that Kitty Hawk would create more than 12,000 jobs in Virginia, 9,500 of which would be located within Hampton Roads," Elektrek added.
The proposed 180-turbine wind farm could generate up to 3.5 gigawatts of renewable energy — enough to power 1 million homes and reduce emissions by nearly 1.7 million tons, which is how much 500,000 cars produce every year. Avangrid also pledged to implement measures and practices "that will be least disruptive to the community and environment."
"Energy supply in the region is critical to maintaining and growing the economy," said Hampton Roads Chamber CEO and president Bryan Stephens. "The Kitty Hawk Wind Project has the potential to supply our growing energy needs, provide new tax revenue to the City of Virginia Beach, and help the state meet the clean energy goals of 100% renewable electricity supply by 2045."
Watch now: Solar-powered boats from the Honnold Foundation are making a difference in the Amazon
Avangrid would build the turbines in federal waters 36 miles from Virginia Beach and 27 miles from North Carolina's Outer Banks. It won the 122,405-acre lease area during a 2017 auction directed by the U.S. Bureau of Ocean Energy Management.
According to Elektrek, the wind farm faces an uphill climb to fruition. For one, the company hasn't found a customer for the power supplied by Kitty Hawk, nor has it started the application process with the BOEM.
More importantly, Virginia Beach leaders have protested the project, expressing concern about how the offshore wind project would affect property value and tourism. However, no official vote occurred, so Avangrid is still free to sway city leaders or consider other options.
Kitty Hawk does have a supporter in David White, the executive director of the Virginia Maritime Association executive, who said that the "opportunity presented by the Kitty Hawk Wind project for our industry and the community must not be allowed to slip away."
Join our free newsletter for cool news and actionable info that makes it easy to help yourself while helping the planet.
