CDC, Anbaric sign agreement for $650M renewable energy investment at Brayton Point

SOMERSET, Mass., May 13, 2019 /PRNewswire/ -- Commercial Development Company, Inc. (CDC)'s Brayton Point LLC and Anbaric today announced an agreement to launch the Anbaric Renewable Energy Center at the CDC's Brayton Point Commerce Center in Somerset, Mass. The agreement builds upon CDC's vision to transform the former coal-fired power plant site into a world-class logistics port, manufacturing hub and support center for the offshore wind energy sector. "We see Anbaric as a natural fit with the development of the Brayton Point Commerce Center," said Stephen Collins of CDC's Brayton Point Commerce Center.

The central element of the Renewable Energy Center is a 1200-megawatt (MW) high-voltage direct current (HVDC) converter – an investment estimated at $250 million – to serve the emerging offshore wind industry. In addition, Anbaric will commence development of 400 MW of battery storage on site, which would bring an additional $400 million in investment. "The Renewable Energy Center represents Anbaric's broader vision for its Massachusetts OceanGrid project: high-capacity transmission infrastructure to maximize the potential of the region's offshore wind energy resource," said Edward Krapels, CEO, Anbaric. "As Massachusetts considers harnessing more offshore wind, the right infrastructure needs to be envisioned and set in motion. An HVDC substation is an important piece not only for Brayton Point Commerce Center, but also Massachusetts' status as a leader in offshore wind."

Late last month, CDC imploded two massive cooling towers at Brayton Point and set the stage for a new era of renewable energy development on the South Coast. "Developing a landing point for 1200 MW of offshore wind at the site of a former coal plant physically and symbolically represents the transformation from fossil fuels to wind," Krapels continued.  "While the South Coast has lost a coal plant, it's quickly becoming the nexus of a new clean energy economy and emerging as one of the great energy stories in the world. This agreement is a symbol of the change that's coming – and it promises to be a very powerful economic driver in the region."

"As our country marches towards a clean energy future, our Commonwealth's workers and businesses can be found standing on the frontlines along the South Coast," said Congressman Joe Kennedy III. "By reimagining and rebuilding Brayton Point to meet the needs of our emerging offshore wind industry, the Anbaric Renewable Energy Center will not only strengthen our local economy, it will help us confront the effects of climate change already threatening our coastal communities."

"We welcome Anbaric's decision to locate at Brayton Point," said Rep. Patricia A. Haddad (D-Somerset), Speaker Pro Tempore of the Massachusetts House of Representatives. "I am very familiar with the company and have been working with them since drafting the state's original offshore wind legislation in 2016. I know they will be an integral partner in our overall clean energy strategy for the South Coast."

"The Anbaric Renewable Energy Center and the ongoing work at Brayton Point by the Commercial Development Company represent extremely important news for the South Coast," said Senator Michael J. Rodrigues (D-Westport), chair of the Senate Ways and Means Committee.  "The transformation of Brayton will give the region a key role in Massachusetts' clean energy future.  It promises to benefit the environment while generating jobs and much-needed local tax revenue."

About Commercial Development Company, Inc.:

Commercial Development Company, Inc, (CDC) is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed, or environmentally challenged properties.  CDC has purchased and redeveloped over 65-million-square feet under roof located on 300 sites throughout the United States and Canada.  For more information, visit www.cdcco.com.

About Anbaric:

Anbaric creates and builds electric businesses of the future. Anbaric's financial partner is the Ontario Teachers' Pension Plan. With a focus on transmission and distributed energy, Anbaric creates new entities that transform old energy systems into more effective and resilient ones with an emphasis on clean energy. For more information visit www.anbaric.com.

About the Brayton Point Commerce Center:

Since purchasing the retired Brayton Point Power Station in 2018, Commercial Development Company, Inc. (CDC) has been engaged in an extensive repositioning plan to bring the shuttered power plant out of blight and back to productive reuse. For 50 years, Brayton Point was home to a 1600-MW coal-fired power plant and was a source of good paying jobs and local tax revenue. This redevelopment project is intended to return Brayton Point to a state of productivity and growth by utilizing many of the same attributes that made the site successful in the past – 300 acres of waterfront property, a deep water port, and access to a strong local talent pool. Today Brayton Point is being repurposed as a world class logistics center built for offshore wind. Brayton Point is uniquely positioned to support the emerging offshore wind energy sector due to its proximity to offshore wind energy tracts in the Atlantic Ocean, deep water port, access to major highway transportation, and public support for energy diversification. To learn more about this project, visit www.BraytonPointCommerceCenter.com.

Contacts:
Erin Clarke, Anbaric
[email protected] 
781-708-0444

John Kowalik, Commercial Development Company, Inc.
[email protected] 
314-835-2813

SOURCE Anbaric

Related Links

http://www.anbaric.com