Avangrid, Inc. - AGR STOCK NEWS

Avangrid (NYSE: AGR) has agreed to sell its Kitty Hawk North offshore wind lease area to Dominion Energy for approximately $160 million.

The 40,000-acre lease area can support 800 MW of offshore wind generation. This transaction, expected to close in Q4 2024, includes a lease acquisition payment of $117 million and additional development cost reimbursement. Avangrid will retain the Kitty Hawk South lease, which has the potential to deliver up to 2.4 GW of power.

This sale will provide Avangrid with significant capital for reinvestment in other renewable projects, including the under-construction Vineyard Wind 1 and the New England Wind lease area.

Dominion Energy has announced an agreement to acquire the Kitty Hawk North Wind offshore wind lease from Avangrid for approximately $160 million. This 40,000-acre lease, to be renamed CVOW-South, could support 800 MW of offshore wind generation capacity in the 2030s, serving around 200,000 homes and businesses. The transaction includes a $117 million lease acquisition and $43 million for associated development cost reimbursement, expected to close in Q4 2024. Dominion plans to use this acquisition to meet growing electric demand, consistent with its business objectives and the Virginia Clean Economy Act goals. Detailed cost estimates and in-service dates will be developed in future phases. Dominion's existing 2.6-GW CVOW project remains on-time and on-budget, with completion expected by the end of 2026.

Avangrid (NYSE: AGR) and the Town of Barnstable have reaffirmed their Host Community Agreement (HCA) for the New England Wind 1 offshore wind project. A new side agreement, announced on June 27, 2024, enhances the original HCA with additional financial benefits for Barnstable. These include a $16 million Host Community Payment, an additional $5.5 million for post-construction streetscaping, and $2.4 million for sewer construction costs. The project, set to begin construction in 2025, is expected to power 400,000 homes and create over 4,400 jobs. The agreement also includes robust health and safety measures, and commitments to repave public roads and support affected local businesses. The New England Wind 1 project, with nearly complete federal, state, and local permitting, aims to support state climate targets and bring significant economic opportunities to the region.

Avangrid (NYSE: AGR), a leading sustainable energy company, announced that it has earned fifteen awards in the first half of 2024. These accolades, which surpass the total recognitions from 2023, are from respected organizations like USA Today, Ethisphere, Forbes, and Barron's. The awards cover various aspects of Avangrid's business, including employee wellness, sustainability, and emergency response. CEO Pedro Azagra was named a Trailblazer in Clean Energy by City & State. Notable recognitions include 'America's Climate Leaders' by USA Today and 'Most Sustainable Company in the Clean Energy Industry' by World Finance.

Avangrid's achievements reflect its commitment to sustainability, diversity, and innovation. The company's projects, like Vineyard Wind 1, the first large-scale offshore wind farm in the U.S., mark significant strides in climate action and clean energy leadership.

Avangrid (NYSE: AGR) has received full federal approval for its New England Wind 1 and 2 offshore projects' Construction and Operations Plan (COP), completing most of the permitting process. The New England Wind 1 project, expected to begin construction in 2025, will generate 791 megawatts of clean energy, powering nearly 1 million homes. This initiative promises thousands of job opportunities and significant local investments. The COP approval follows extensive stakeholder engagement and rigorous reviews by the Bureau of Ocean Energy Management. Avangrid is also advancing the Vineyard Wind 1 project, contributing to Massachusetts' clean energy goals by generating power for 64,000 homes.

Iberdrola has released its 2024 Biodiversity Report, detailing over 1,800 actions in the last 2 years and more than 4,000 in the past 5 years, aimed at promoting biodiversity across its operations globally. The report underscores the company's commitment to climate action, diversity, and circular economy plans, with a target of achieving net positive biodiversity impact and CO2 neutrality across all plants by 2030. Highlighted initiatives include the Carbon2Nature program and participation in the United Nations Biodiversity Conferences.

In the U.S., Avangrid, an Iberdrola subsidiary, implemented eco-engineered concrete block mattresses at the Vineyard Wind 1 offshore wind farm to promote marine biodiversity. A $3 million fund was also established to innovate marine mammal protection and regional monitoring. Additionally, Avangrid collaborates with various wildlife recovery organizations to support species like the California Condor and marine mammals.

The report reflects Iberdrola's proactive stance on biodiversity, in line with the company's 2007 Biodiversity Policy, last amended in December 2023. This positions Iberdrola as a leader in transparent reporting and effective management of biodiversity-related risks.

Avangrid (NYSE: AGR) has launched a new campaign, 'Where Energy Meets Humanity,' which will be broadcast across digital media, TV, billboards, and social media throughout the summer. The campaign highlights Avangrid's commitment to clean energy and grid resiliency investments. CEO Pedro Azagra emphasized the need for substantial new investments in clean energy infrastructure to meet growing demand and ensure reliable power delivery. The campaign, funded by shareholders, includes two commercials that showcase the company's projects from coast-to-coast. The ads will be visible in regions where Avangrid operates, including Connecticut, Maine, Massachusetts, New York, Ohio, Oregon, and Washington, D.C.

Avangrid (NYSE: AGR), a key player in sustainable energy and part of the Iberdrola Group, has opened its National Training Center (NTC) in Oregon. The NTC, located in Sherman County, will train over 200 employees yearly in wind and solar technologies, positioning Avangrid to meet the growing demand for skilled technicians. The center features state-of-the-art facilities, including virtual and mixed reality environments, a 30-foot fall protection tower, and hands-on training with actual equipment. This initiative aligns with the U.S. Bureau of Labor Statistics' projection that wind turbine service technicians will be the fastest-growing job through 2032. The facility also underscores Avangrid's commitment to local communities, contributing over $140 million in property taxes and supporting over 60 full-time jobs in the region. The training will adhere to standards set by the American Clean Power Association and seek Global Wind Organisation certification for safety compliance.

Avangrid (NYSE: AGR), in collaboration with Copenhagen Infrastructure Partners, has announced the commissioning of 10 turbines at the Vineyard Wind 1 project. This project, now delivering 136 MW to Massachusetts' electric grid, is the largest offshore wind project in the United States. Plans include a total of 62 turbines generating 806 MW, enough to power 400,000 homes. The project, 15 miles off Martha’s Vineyard, will save customers $1.4 billion over 20 years and cut carbon emissions by 1.6 million metric tons annually. So far, 937 union jobs have been created through its construction.