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Avangrid : Renewables and PSE Announce Largest Solar Project in Washington

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03/16/2019 | 04:53am EDT

Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR), and Puget Sound Energy (PSE), announced a solar power contract for the Lund Hill Solar Project, under development in Klickitat County, Washington. Avangrid Renewables is developing the 150 MW solar project, which would be the largest solar project in Washington. It would supply PSEs innovative renewable energy product, Green Direct, which allows participants the ability to purchase 100 percent of their energy from dedicated, local, renewable energy resources.

PSEs second round offering of the Green Direct program is already fully subscribed and will be a blend of wind and solar, with the Lund Hill Solar Project supplying the solar product.Lund Hill would represent an investment of more than $100 million by Avangrid Renewables, and PSEs power purchase agreement (PPA) would cover the entire output of the solar project, which is still in development and anticipated to reach commercial operation in 2020. Lund Hill Solar would be located on approximately 1,800 acres, a mix of land leased from private landowners and the Washington Department of Natural Resources, the states first solar power land lease.

This is an incredible example of the public and private sector coming together to transform the trajectory of renewable energy in Washington state, said Gov. Jay Inslee, who announced last October that eight state agencies were joining the Green Direct program with a commitment to purchase more than one hundred million kWh of in-state wind and solar electricity by 2021. This project will help us fight climate change, create clean energy jobs and save agencies thousands of dollars in energy costs. This is what Washingtons energy future is all about.

The state of Washington is one of the largest customers in PSEs Green Direct program, which has more than 40 customers signed up to receive the wind and solar power.

Our objective is a better energy future for our customers and the communities we serve, said David Mills, senior vice president of policy and energy supply at PSE. Large business and municipal customers want a specific, local resource they can point to as the source of their clean energy. Green Direct, and our partnership with Avangrid Renewables, makes that possible.

Solar power is a win-win-win for the people of Washington, said Commissioner of Public Lands Hilary Franz, the elected official who oversees the Washington State Department of Natural Resources. It generates significant revenue for our schools while creating jobs and providing clean, affordable energy to our homes and businesses.

Customers like PSE and their Green Direct program are expanding the market for solar power in new parts of the country, said Avangrid Renewables President and CEO Laura Beane. Adding solar to our wind portfolio in Klickitat County builds on the positive impact in the local communities where we develop clean energy projects, which create long-term benefits for everyone in the area.

(c) 2019 CNEgypt. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
AVANGRID INC 1.38% 50.04 Delayed Quote.-1.46%
IBERDROLA -0.67% 7.728 End-of-day quote.10.86%
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Financials ($)
Sales 2019 6 269 M
EBIT 2019 1 182 M
Net income 2019 730 M
Debt 2019 7 664 M
Yield 2019 3,63%
P/E ratio 2019 21,55
P/E ratio 2020 18,60
EV / Sales 2019 3,66x
EV / Sales 2020 3,77x
Capitalization 15 253 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 51,1 $
Spread / Average Target 3,6%
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James P. Torgerson Chief Executive Officer & Director
Anthony Marone President & Chief Executive Officer-UIL
José Ignacio Sánchez Galán Chairman
Douglas K. Stuver Chief Financial Officer & Senior Vice President
John L. Lahey Independent Non-Executive Director
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