Avangrid’s Fourth Wind Farm in Illinois Achieves Commercial Operation

Rhea-AI Summary

Avangrid, Inc. (NYSE: AGR) reaches a significant milestone by achieving commercial operation of the 106 MW Midland Wind farm in Illinois, boosting the company's total capacity in the state to over 600 MW. The wind farm is expected to generate nearly 400,000 MWh of renewable energy, equivalent to powering 37,000 homes. Avangrid CEO, Pedro Azagra, highlights the company's commitment to clean energy transition and community support, with the project creating local jobs and contributing over $25 million in property taxes to support various sectors.

Insights

Energy Sector Analyst

The commissioning of Avangrid's Midland Wind farm represents a significant expansion of renewable energy capacity, particularly in the state of Illinois. This development contributes to the diversification of the energy mix in the region and aligns with broader trends towards renewable energy adoption. The addition of 106 MW is a substantial increment, considering the scale of energy projects and could potentially influence the company's revenue stream and cost structure in the medium to long term. With energy production now operational, the direct financial benefits will stem from the sale of generated electricity, likely under long-term power purchase agreements (PPAs), which provide revenue stability.

Moreover, the local economic impact through job creation during construction and ongoing operations can enhance Avangrid's corporate image and community relations. This may indirectly benefit the company's stock by bolstering its reputation as a sustainable and socially responsible investment. Additionally, the $25 million in property taxes underscores the project's contribution to the local economy and supports the narrative of renewable energy projects as drivers of regional development.

Sustainability Expert

Avangrid's achievement in surpassing 600 MW of wind capacity in Illinois with Midland Wind underscores the company's strategic commitment to sustainability and clean energy. The environmental impact of this project is noteworthy; the farm's 25 turbines will generate approximately 400,000 MWh annually, enough to power around 37,000 homes. This transition to clean energy sources is critical in the context of climate change and reducing carbon emissions.

The project also highlights the scalability of wind energy as a renewable source. By expanding its renewable portfolio, Avangrid not only contributes to reducing the carbon footprint but also aligns itself with investor and consumer expectations for environmentally friendly practices. This alignment can enhance brand value and potentially attract environmentally conscious investors, which can have a positive impact on the company's stock valuation over time.

Market Research Analyst

Avangrid's expansion in Illinois positions the company as a key player in the Midwest's renewable energy sector. With Illinois now hosting the largest capacity within Avangrid's portfolio in the region, this could provide a competitive advantage in terms of market share and influence within the renewable energy market. The proximity of Midland Wind to other Avangrid projects may offer operational synergies and cost efficiencies, which can improve the company's overall profitability.

From a market perspective, the increasing installed capacity of over 8.6 GW positions Avangrid as the third-largest renewable energy operator in the U.S., which may bolster investor confidence in the company's growth trajectory and operational expertise in the renewable sector. This expansion may also reflect positively on the stock as investors often seek companies with a clear growth strategy and a demonstrated ability to execute on large-scale projects.

Company eclipses 600 Megawatts (MW) in Illinois with the addition of 106 MW Midland Wind

PORTLAND, Ore.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced Midland Wind has achieved commercial operation. The 106 MW wind farm located in Henry County is the company’s fourth wind farm in Illinois, bringing total capacity in the state to more than 600 MW.

“We are proud to have achieved this milestone with Midland Wind, which is now operational and delivering power,” said Pedro Azagra, Avangrid CEO. “Our fourth completed renewable energy project in Illinois, Midland Wind is an example of our commitment to accelerating a clean energy transition. We look forward to continuing our efforts in developing green energy solutions while supporting Illinois communities.”

Midland Wind’s 25 turbines will generate nearly 400,000 MWh of renewable energy, which is enough clean energy to power the equivalent of 37,000 homes. The wind farm officially reached commercial operations in December 2023.

Work at Midland Wind supported more than 200 jobs during construction, most of which were local. Operations and maintenance of the wind farm will also support several permanent, local jobs that will remain in the community for the life of the project. The wind farm is estimated to contribute more than $25 million in property taxes, which will support area school districts, fire districts, and libraries.

With Midland Wind, Illinois now has the largest renewable energy capacity of any Midwest state in Avangrid’s portfolio. It is located near three other Avangrid renewable energy projects, Providence Heights Wind, Otter Creek Wind, and Streator Cayuga Ridge South. Avangrid is the third-largest renewable energy operator in the U.S. with more than 8.6 GW of installed capacity.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $42 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 more than 7,500 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 2023 for the fifth 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/20240221921046/en/

Keaton Thomas

Keaton.thomas@avangrid.com

503-956-9621

Source: AVANGRID, Inc.

FAQ

How many MW has Avangrid reached in Illinois with the addition of Midland Wind?

Avangrid has surpassed 600 MW in Illinois with the addition of the 106 MW Midland Wind farm.

How much renewable energy is expected to be generated by Midland Wind?

Midland Wind is projected to generate nearly 400,000 MWh of renewable energy.

How many homes can be powered by the clean energy generated by Midland Wind?

The clean energy produced by Midland Wind is enough to power the equivalent of 37,000 homes.

What is the estimated contribution of Midland Wind in property taxes?

Midland Wind is estimated to contribute over $25 million in property taxes to support various sectors.

Where is Midland Wind located?

Midland Wind is located in Henry County, Illinois.