Avangrid Begins Installing Modules at Camino Solar

Rhea-AI Summary

Avangrid (NYSE: AGR) has begun installing solar modules at its Camino Solar project in California. With a capacity of 44 MWac (57 MWdc), the project is expected to generate energy equivalent to the consumption of about 14,000 U.S. homes annually. The installation will comprise approximately 105,000 solar modules.

Key highlights:

• Camino Solar is projected to create about 100 local jobs during construction
• It will generate an estimated $15 million in state and local taxes over its lifetime
• The project is located adjacent to Avangrid's 189 MW Manzana wind farm
• Upon completion, Camino will be Avangrid's tenth solar project and its first in California

Avangrid currently operates six wind energy projects in California with a combined capacity of over 500 MW, which have generated $88 million in property taxes to date.

Positive

• Expansion of renewable energy portfolio with 44 MWac (57 MWdc) Camino Solar project
• Expected to generate energy equivalent to 14,000 U.S. homes annually
• Creation of approximately 100 local jobs during construction
• Projected $15 million in state and local tax generation over project lifetime
• Diversification of energy sources by adding solar to existing wind farm location
• Reaching milestone of 9 GW installed capacity across project fleet

Negative

• None.

Insights

Renewable Energy Expert

The commencement of module installation at Avangrid's Camino Solar project marks a significant milestone in California's renewable energy landscape. With a 44 MWac (57 MWdc) capacity, this project will substantially contribute to the state's clean energy goals. The project's ability to power approximately 14,000 homes annually demonstrates its potential impact on reducing fossil fuel dependence. Moreover, the strategic location next to the existing Manzana wind farm showcases Avangrid's commitment to maximizing land use efficiency and creating synergies between different renewable technologies. This hybrid approach could potentially lead to more stable and consistent energy production, addressing intermittency concerns often associated with renewable sources.

Economic Analyst

The Camino Solar project presents significant economic benefits for the local community and the state of California. The creation of about 100 jobs during construction, primarily filled locally, will provide a short-term boost to the regional economy. More importantly, the projected $15 million in state and local taxes over the project's lifetime represents a substantial long-term economic contribution. This influx of tax revenue could support essential public services and infrastructure improvements. Additionally, Avangrid's track record of generating $88 million in property taxes from its wind energy projects in California demonstrates the company's consistent economic impact across the state. The diversification of Avangrid's energy portfolio in California, now including both wind and solar, may also enhance the company's resilience to market fluctuations.

With a capacity of 44 MWac (57 MWdc), Camino will generate the same amount of energy used by about 14,000 homes

KERN COUNTY, Calif.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, has begun installing the first of about 105,000 solar modules at its Camino Solar project in California. With a capacity of 44 MWac (57 MWdc), Camino Solar is expected to generate the same amount of energy consumed by about 14,000 U.S. homes annually.

“We are excited to add this clean, renewable energy project to California’s grid. Camino solar, like all of our projects, is creating jobs and boosting the local economy,” said Pedro Azagra, Avangrid CEO. “This is an example of Avangrid continuing to grow its solar capacity across the country, supplementing our large wind fleet, and accelerating the clean energy transition.”

Camino is expected to create about 100 jobs during construction, nearly all of them filled locally, and will generate about $15 million in state and local taxes during its lifetime.

Camino is being built next to Avangrid’s 189 MW Manzana wind farm, which was built in 2012. The project is located on a combination of private land and more than 200 acres of public lands managed by the U.S. Bureau of Land Management.

When construction is completed, Camino will become the tenth solar project in Avangrid’s portfolio of projects and its first in California.

Avangrid has six other wind energy projects in California, ranging from San Diego County to the Bay Area, with a combined operating capacity of over 500 MW. These wind farms have generated a combined $88 million in property taxes as of the end of last year, supporting a variety of local public services. The Company recently eclipsed 9 GW of installed capacity across its fleet of projects spread across nearly half the country.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $45 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 as one of the JUST 100 companies – a ranking of America’s best corporate citizens – in 2024 for the fourth consecutive year. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240909927742/en/

Media Contact:

Keaton Thomas

Keaton.thomas@avangrid.com

503-956-9621

Source: AVANGRID, Inc.

FAQ

What is the capacity of Avangrid's Camino Solar project in California?

Avangrid's Camino Solar project in California has a capacity of 44 MWac (57 MWdc).

How many homes can the Camino Solar project power annually?

The Camino Solar project is expected to generate the same amount of energy consumed by about 14,000 U.S. homes annually.

How many jobs will the Camino Solar project (AGR) create during construction?

The Camino Solar project is expected to create about 100 jobs during construction, with nearly all of them filled locally.

What is the estimated tax revenue from Avangrid's Camino Solar project?

The Camino Solar project is expected to generate about $15 million in state and local taxes during its lifetime.

How many solar modules will be installed at Avangrid's Camino Solar project?

Avangrid will install approximately 105,000 solar modules at the Camino Solar project.