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Avangrid, Inc. (NYSE: AGR) is a diversified energy and utility company headquartered in Orange, Connecticut. With over $45 billion in assets, Avangrid operates in 24 states across the United States. The company 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. The Renewables business focuses on generating electricity through renewable sources like wind and solar power, with a total capacity of 8.8 gigawatts of emissions-free installed capacity.
Formed in 2015 through a merger between Iberdrola USA and UIL Holdings Corporation, Avangrid is majority-owned by Iberdrola S.A., a global leader in the energy industry based in Spain. Iberdrola owns 81.6% of Avangrid and has proposed to acquire the remaining shares. This merger has bolstered Avangrid's position as a leading sustainable energy company in the U.S.
Recent achievements include the successful conservation efforts under the California condor conservation plan, in partnership with the U.S. Fish and Wildlife Service and the Oregon Zoo. The project has resulted in the rearing of 12 condors, supporting biodiversity while mitigating the impacts of the Manzana Wind Power Project. Moreover, Avangrid’s ongoing innovation efforts were highlighted at its seventh Innovation Forum, showcasing advancements in renewable energy technologies and collaborations with top universities and national labs.
Financially, Avangrid has demonstrated robust performance, with significant investments in energy innovation projects amounting to over $102 million in 2023. The company has also been recognized for its commitment to sustainability and corporate responsibility, earning a spot on USA Today’s list of America’s Climate Leaders 2024 and being named among the World’s Most Ethical Companies by the Ethisphere Institute for six consecutive years.
Avangrid has a strong commitment to community engagement, as evidenced by a $135,000 grant to Habitat for Humanity to support local affordable housing projects. Additionally, the company recently signed a Power Purchase Agreement with CPS Energy to supply enough wind energy to power approximately 41,000 Texas homes, further cementing its role in the clean energy transition.
Looking forward, Avangrid is pioneering the U.S. offshore wind industry with projects like Vineyard Wind 1, set to be the nation’s first large-scale offshore wind farm. This project will generate electricity for over 400,000 homes and is expected to significantly reduce carbon emissions.
To learn more about Avangrid and its initiatives, visit www.avangrid.com.
AVANGRID (NYSE: AGR) has signed a power purchase agreement with Meta for renewable energy from the True North solar farm, a 240 MW project in Falls County, Texas. This agreement marks AVANGRID's first solar installation in Texas, aiming to supply clean energy to support Meta's operations, particularly its data center in Temple, Texas. The project is set to create over 200 local jobs and contribute over $40 million in property taxes over 25 years. True North is expected to reach commercial operations by early 2025 and is part of AVANGRID's larger renewable energy portfolio of over 8.6 GW capacity.
AVANGRID (NYSE: AGR) is developing two new solar farms, Texas True North and Ohio Powell Creek, expected to generate a total of 523.5 MW of clean power. True North will produce 321 MW and create over 200 jobs in Texas while paying over $40 million in property taxes over 25 years. Powell Creek will generate 202.5 MW, powering more than 30,000 homes and creating up to 400 jobs in Ohio with an estimated revenue impact of over $38 million for local communities. With an overall portfolio of 8.6 GW in renewable energy capacity, AVANGRID continues to be a significant player in the U.S. renewable energy sector.
AVANGRID has announced an investment of over $30 million to procure solar trackers from Array Technologies for its 321 MW True North solar farm in Falls County, Texas. The collaboration underscores AVANGRID's commitment to expanding clean energy and supporting local jobs. This facility is anticipated to be a significant contributor to decarbonization and is set for completion by the end of 2024. Currently, AVANGRID generates over 1,250 MW of renewable energy in Texas through six wind farms, with an additional 1,300 MW pipeline of projects. The firm's initiatives align with wider clean energy goals in the U.S.
AVANGRID (NYSE: AGR) has commenced commercial operations at its 150-Megawatt Lund Hill solar farm in Klickitat County, Washington, marking it as the state's largest photovoltaic plant. This facility will supply Puget Sound Energy (PSE) through its Green Direct program, enabling large commercial and governmental clients to source 100% renewable energy. Over 40 customers, including six Washington state agencies, are already enrolled in this program. The solar farm spans approximately 1,800 acres, combining leased private land and state land, and it plays a crucial role in advancing PSE's goal of 100% clean energy by 2045.
AVANGRID (NYSE:AGR) announced its fourth quarter and full-year 2022 earnings, available on their website. A webcast conference call is scheduled for February 22, 2023, at 10:00 A.M. ET, for financial analysts and the public to discuss the results. AVANGRID, headquartered in Orange, CT, boasts approximately $40 billion in assets and serves over 3.3 million customers through its electric and gas utilities in New York and New England. The company operates in 24 states and focuses on sustainable energy solutions through Avangrid Networks and Avangrid Renewables.
On February 17, 2023, Iberdrola's Executive Chairman, Ignacio Galán, engaged with approximately 1,000 postgraduate students at Harvard Business School. This event highlighted decisions made over the past 20 years that have shaped Iberdrola's strategy in clean energy and its vision for the future. The case study, led by Professor Juan Alcácer, delves into Iberdrola's business model and future strategies, including green hydrogen initiatives. Iberdrola, a member of the Iberdrola group, aims to be a sustainable energy leader, with Avangrid (NYSE: AGR) being a key player in the U.S. renewable energy market.
AVANGRID, Inc. (NYSE:AGR) has declared a quarterly dividend of $0.44 per share on its Common Stock, payable on April 3, 2023 to shareholders of record on March 1, 2023. Additionally, the company announced that its 2023 Annual Meeting of Shareholders will take place on June 13, 2023. The deadline for shareholder proposals for consideration is set for April 14, 2023. AVANGRID operates with approximately $40 billion in assets across 24 U.S. states, primarily through its two divisions: Avangrid Networks and Avangrid Renewables. The company serves over 3.3 million customers and employs approximately 7,000 people.
Gridmatic, an AI-enabled power marketer, has entered a two-year partnership with AVANGRID (NYSE: AGR) to purchase 15 MW of zero-emission energy from AVANGRID's 120 MW Barton Chapel wind project in Jacksboro, Texas. This agreement, effective from January 1, 2023 to December 31, 2024, is aimed at supplying Gridmatic's retail customers with clean and affordable wind energy. The partnership aligns with Gridmatic's launch of its retail business, which offers advanced clean energy products to help businesses meet climate goals using AI-driven models.
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