AVANGRID Announces Open Solicitation From Qualified Developers for Excelsior Connect

Rhea-AI Summary

AVANGRID (NYSE: AGR) has announced an open solicitation for transmission service for the Excelsior Connect, a proposed 260-mile underground clean energy superhighway in New York. This project aims to enhance New York City’s access to clean energy and decrease reliance on fossil fuels, supporting the state's Climate Leadership and Community Protection Act. The 1310 MW bidirectional line will facilitate renewable energy delivery into New York City. AVANGRID seeks developers to respond to the NYSERDA Tier 4 RFP due May 12, 2021, with expressions of interest submitted by March 8, 2021.

Positive

• The Excelsior Connect project is expected to enhance clean energy access in New York City.
• The project promotes economic development through job creation and tax revenue generation.
• Utilizes cutting-edge High-Voltage Direct Current technology for efficient energy transmission.
• Supports New York's Climate Leadership and Community Protection Act goals.

Negative

• None.

AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today a notice of open solicitation for transmission service on the Excelsior Connect, the company’s proposal to build an underground clean energy superhighway linking the congested upstate and downstate regions. The proposed transmission line will span more than 260 miles, all within New York state.

“The Excelsior Connect will increase New York City’s access to clean energy and reduce its dependence on fossil fuel energy generation,” said Dennis V. Arriola, CEO of AVANGRID. “This will be a New York project for New York customers - improving reliability and resiliency of the power grid, creating new jobs, generating tax revenues and supporting economic development, while building new access for future clean energy projects. At AVANGRID, we are committed to providing clean energy solutions and are excited about this project as a potential contender to help New York meet its clean energy goals.”

Using state-of-the-art High-Voltage Direct Current technology, the 1310 MW bidirectional line will enable the delivery of clean renewable energy into New York City (Zone J) and support New York’s Climate Leadership and Community Protection Act targets.

Through the open solicitation process, AVANGRID intends to negotiate contracts with qualified developers for transmission service that will enable energy deliverability into Zone J to support New York’s clean energy goals, including Tier 4 within the Clean Energy Standard. AVANGRID seeks to partner with a developer or group of developers to submit a response to the New York State Energy and Research Development Authority (NYSERDA) Tier 4 Request for Proposals (RFP) due May 12, 2021. Energy developers wishing to participate in the open solicitation should complete and submit the Expression of Interest form by March 8, 2021.

Questions or request for information can be sent to excelsiorconnect@avangrid.com.

For updates and project information regarding the open solicitation process, please visit avangridnetworks.com/excelsiorconnect.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005823/en/

FAQ

What is the Excelsior Connect project announced by AVANGRID?

The Excelsior Connect is a proposed 260-mile underground clean energy transmission line linking upstate and downstate New York, aiming to enhance clean energy access.

What are the expected benefits of the Excelsior Connect project for New York City?

The project will improve clean energy access, reduce fossil fuel dependence, create jobs, and generate tax revenues.

What technology will be used in the Excelsior Connect project?

The project will utilize High-Voltage Direct Current technology to facilitate efficient energy transmission.

When is the response deadline for the NYSERDA Tier 4 RFP related to the Excelsior Connect?

Responses to the NYSERDA Tier 4 RFP are due on May 12, 2021.

What is the deadline for developers to submit expressions of interest for the Excelsior Connect project?

Developers must submit their expressions of interest by March 8, 2021.