Avangrid and Statkraft Sign Second Virtual Power Purchase Agreement (VPPA) In the Past Nine Months

08/15/2024

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SOMERSET COUNTY, Pa.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, and Statkraft, Europe's largest producer of renewable energy, today announced the signing of a short-term Virtual Power Purchase Agreement (VPPA) for energy from Avangrid's 35 MW Casselman wind farm in Pennsylvania. This marks the second such deal between the two companies within the past nine months as they strengthen their growing relationship in the United States.

Earlier this year, Avangrid and Statkraft announced a short-term VPPA for Avangrid's 300 MW Streator Cayuga Ridge South wind farm in Illinois. Statkraft and Iberdrola, S.A., Avangrid's parent company, have a Power Purchase Agreement (PPA) in place for energy produced at Iberdrola's Korytnica II wind farm in Poland.

"We are happy to continue building our U.S. relationship with Statkraft, a clean energy leader that aligns with our sustainability goals at Avangrid," said Pedro Azagra, Avangrid CEO. "This is further proof of an interested market for our productive merchant assets as we manage risk within our existing portfolio of projects. Additionally, partners like Statkraft are key to executing on our commitment to accelerating the clean energy transition."

"Power purchase agreements are a key driver in moving the green transition forward", said Patrick Pfeiffer, Managing Director of Statkraft's operations in the United States. "As the demand for clean energy grows in the US, so does the need for providers like Statkraft: We are proud to support our partner Avangrid with long-term certainty, needed to thrive in a competitive market."

The Casselman wind project reached commercial operation in 2007 and is located about 60 miles southeast of Pittsburgh, near the towns of Meyersdale and Rockwood. The plant's 23 wind turbines, with a combined capacity of 35 MW, are located on top of and near a rehabilitated surface mine, and bring clean energy jobs to the region.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $46 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 approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies - a ranking of America's best corporate citizens - in 2024 for the fourth consecutive year. 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 2024 for the sixth 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 .

About Statkraft US : Statkraft, Norway's state-owned renewable energy company, has been operating in the US renewable energy commodity markets since 2015. The company is an active participant in the US carbon, renewable energy and PPA markets, transacting with both renewable energy producers and consumers. From its two offices (Stamford, CT and San Francisco, CA), the local team is also responsible for representing the company's global portfolio to US clients and driving strategic business development in the US.

Source: AVANGRID, Inc.

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