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AVANGRID Consolidates Onshore and Offshore Renewables Businesses
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
AVANGRID, Inc. announced the consolidation of its onshore and offshore renewable businesses, appointing Jose Antonio Miranda as President and CEO of Avangrid Renewables. This strategic decision aims to enhance asset value, project execution, and leverage synergies across its renewables portfolio. Miranda's previous experience includes leadership roles at Siemens Gamesa and as Co-CEO of Avangrid Renewables. Headquartered in Orange, CT, AVANGRID operates across 24 U.S. states with approximately $40 billion in assets and serves over 3.3 million customers.
Positive
Consolidation may enhance operational efficiency and asset value.
Jose Antonio Miranda has relevant industry experience, potentially benefiting project execution.
Negative
None.
Jose Antonio Miranda will lead Avangrid Renewables
ORANGE, Conn.--(BUSINESS WIRE)--
AVANGRID, Inc. (NYSE:AGR), a leading sustainable energy company, announced today the consolidation of its onshore and offshore renewables businesses. Leading the consolidated business will be Jose Antonio Miranda, who will serve as President and CEO of Avangrid Renewables.
“As we strive to maximize asset value, efficiently execute projects, and manage the changing dynamics of business in the U.S., consolidation of the onshore and offshore businesses will allow AVANGRID to leverage human capital, supply chain synergies, and project execution experience across Renewables,” said Pedro Azagra, AVANGRID CEO. “With critical milestones for our offshore wind projects approaching, Miranda’s key experience in the wind turbine industry, and his successful asset optimization of AVANGRID’s onshore wind business, ensures we have strong consolidated leadership.”
Miranda was appointed Co-CEO and President of Onshore for Avangrid Renewables in October of 2021. As President and CEO of Avangrid Renewables, he will continue to leverage his extensive renewables leadership experience, including his years of service as CEO of Onshore in the Americas region for Siemens Gamesa and Chairman of its Boards in the U.S., Mexico, and Brazil.
Miranda holds a Master of Business Administration from ICADE (Universidad Pontificia de Comillas, Madrid, Spain) and a degree in Industrial Engineering from Superior Technical Institute Engineers of Gijón (Oviedo University, Spain).
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates 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 more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
What is the significance of Jose Antonio Miranda's appointment at AVANGRID?
His appointment as President and CEO of Avangrid Renewables signifies a strategic consolidation of onshore and offshore operations, aiming to enhance asset value and project execution.
How is AVANGRID planning to improve its renewable energy operations?
AVANGRID plans to improve operations by consolidating its onshore and offshore renewable businesses to leverage synergies and efficiently execute projects.
What are AVANGRID's assets and operations scale?
AVANGRID has approximately $40 billion in assets and operates in 24 U.S. states, serving more than 3.3 million customers.
What is the latest update from AVANGRID regarding its renewable energy sector?
AVANGRID has consolidated its renewable energy businesses and appointed Jose Antonio Miranda as President and CEO of Avangrid Renewables to enhance project execution and asset management.
