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Avangrid and Statkraft Establish U.S. Relationship with Virtual Power Purchase Agreement (VPPA)
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Avangrid, Inc. and Statkraft announce a Virtual Power Purchase Agreement for Renewable Energy Certificates from Avangrid's Streator Cayuga Ridge South Wind Farm in Illinois. This marks the first agreement between the two companies in the U.S. market, highlighting their commitment to clean energy transition and managing merchant risk. Avangrid, with over 8.7 GW of installed capacity, is a major renewable energy operator in the U.S.
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Statkraft to receive Renewable Energy Certificates (RECs) from Avangrid’s 300 MW Streator Cayuga Ridge South Wind Farm
VPPAs are financial agreements for RECs tied to the amount of renewable energy produced by the facility
PORTLAND, Ore.--(BUSINESS WIRE)--
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, and Statkraft, Europe’s largest producer of renewable energy, today announced the signing of a Virtual Power Purchase Agreement (VPPA), establishing a new relationship between the two companies in the United States.
Statkraft will receive Renewable Energy Certificates (RECs) from Avangrid’s 300 MW Streator Cayuga Ridge South Wind Farm in Illinois with this short term VPPA.
This is the first agreement between the two companies in the U.S. market. Statkraft and Iberdrola, S.A., Avangrid’s parent company, have a Power Purchase Agreement (PPA) in place for energy produced at Iberdrola’s Korytnica II wind farm in Poland.
“We are grateful to partner with organizations like Statkraft that share our commitment to accelerating a clean energy transition. Climate change is a defining issue of our time and it is vital that we work together to meet the moment,” said Pedro Azagra, Avangrid CEO. “Agreements like this are a good example of our active approach to managing merchant risk at Avangrid’s existing renewable energy facilities, while ensuring clean energy continues to flow to the communities where it’s needed most.”
"This VPPA marks a significant milestone in the establishment and expansion of our PPA business in the United States”, says Patrick Pfeiffer, Head of Statkraft US. “We are proud to partner with Avangrid as a continuation of our successful relationship with Iberdrola in Europe. As we work toward a global energy transition, it's critical to think beyond borders and connect internationally. Together with our valued partners, we can renew the way the world is powered.”
With more than 8.7 GW of installed capacity, Avangrid is one of the largest renewable energy operators in the U.S.
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About Statkraft: Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 5,700 employees in 21 countries.
About Statkraft in the US: Statkraft, Norway's state-owned renewable energy company, has been operating in the US renewable energy commodity markets since 2015. The company is an active participant in the US carbon, renewable energy and PPA markets, transacting with both renewable energy producers and consumers. From its two offices (Stamford, CT and San Francisco), the local team is also responsible for representing the company's global portfolio to US clients and driving strategic business development strategies in the US.
What type of agreement was announced between Avangrid and Statkraft?
A Virtual Power Purchase Agreement (VPPA) was announced for Renewable Energy Certificates (RECs) from Avangrid's Streator Cayuga Ridge South Wind Farm.
Where is Avangrid's Streator Cayuga Ridge South Wind Farm located?
The wind farm is located in Illinois.
How much capacity does Avangrid have in renewable energy?
Avangrid has over 8.7 GW of installed capacity in renewable energy.
What is the significance of this agreement for Statkraft in the U.S. market?
This agreement marks the first partnership between Statkraft and Avangrid in the U.S. market, showcasing their commitment to clean energy transition.
