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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, a sustainable energy company, announced the completion of Phase 1 of the Cape Cod Solution grid upgrade in Massachusetts, investing over $13.7 million. This upgrade, part of the New England Wind 1 project, enhances reliability and resiliency by converting a 115kV line to 345kV between Bourne and West Barnstable. Future upgrades will further support this transformation. New England Wind 1 aims to provide clean energy to approximately 400,000 homes and create over 4,400 jobs. The project has received necessary approvals and is poised to commence construction in 2024, potentially achieving commercial operations by the end of the decade. The initiative aligns with state climate goals and promises significant economic and environmental benefits for the region.
Avangrid (NYSE: AGR) has acquired a custom-built, state-of-the-art mobile transformer to enhance the resiliency and reliability of its onshore wind and solar operations across the U.S.
This transformer, purchased from Hitachi Energy, can be deployed and installed quickly, significantly reducing downtime from the standard two-year wait for replacement transformers to just a couple of months.
The 168 MVA transformer features multi-voltage capabilities, a low profile for easy transport, and the ability to withstand higher transport accelerations, ensuring rapid response to outages after major storms.
CEO Pedro Azagra emphasizes that reducing downtime supports Avangrid's commitment to accelerating the clean energy transition.
Avangrid announced that Iberdrola will acquire the remaining 18.4% of Avangrid's shares for $35.75 per share in an all-cash deal. This price reflects an 11.4% premium over Avangrid's closing price on March 6, 2024, and a 15.2% premium over the 30-day volume-weighted average. The deal has been unanimously approved by Avangrid's Board, based on the Special Committee's recommendation. The acquisition is expected to close in Q4 2024, pending shareholder and regulatory approval. Avangrid will continue to pay regular quarterly dividends until the transaction closes.
Avangrid (NYSE: AGR), a sustainable energy firm and part of the Iberdrola Group, has been awarded the 2024 Handshake Early Talent Award. This accolade recognizes top employers for Gen Z employees aged up to 26 years.
Avangrid excelled in areas such as event engagement and career fairs, outperforming industry counterparts with three times more RSVPs and perfect scores in one-on-one sessions. Additionally, the company scored 7% higher than average in early identification messaging.
Avangrid's CEO, Pedro Azagra, emphasized the importance of early career recruitment for fostering innovation and future leadership. This marks the second recognition for Avangrid's early career programs in 2023, having been named among the Top 50 Midsize Early Career Programs by RippleMatch in January.
Avangrid, Inc. (NYSE: AGR) hosted its seventh Innovation Forum, focusing on 'Transformative Collaboration' to accelerate the clean energy transition. Partners like National Renewable Energy Laboratory, Yale, and MIT joined to foster innovation. The event highlighted Avangrid's commitment to investing over $102 million in energy innovation projects in 2023.
Avangrid, a sustainable energy company, has successfully implemented a precedent-setting California condor conservation plan at its Manzana Wind Power Project in Kern County, California. The plan, approved by the US Fish and Wildlife Service, has led to the rearing of 12 California condors at the Oregon Zoo, exceeding the company's commitment. Avangrid's initiative showcases its environmental stewardship and commitment to a clean energy transition.
Avangrid, Inc. CEO Pedro Azagra congratulates Array Technologies on their new manufacturing facility in New Mexico. The $30 million contract with Array Technologies for solar trackers for their True North solar project in Texas marks a significant step towards Avangrid's clean energy goals.
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