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AVANGRID, INC.

(AGR)
  Report
Delayed Nyse  -  04:00:01 2023-01-26 pm EST
42.19 USD   +0.38%
01/23Spain's Iberdrola considers U.S. renewables stake sale, sources say
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01/17Keybanc Adjusts Price Target on Avangrid to $36 From $35, Maintains Underweight Rating
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01/11AVANGRID Honored for Response to Hurricane Fiona
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Avangrid : Puget Sound Energy and Avangrid Renewables Announce Power Purchase Agreement; Construction of New Wind Farm

08/18/2020 | 10:03am EST

Avangrid Renewables to supply PPA from new 200 MW wind farm in Sherman County, Oregon.

Puget Sound Energy (PSE) and Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), today announced an agreement that will be supplied by a new 200 megawatt wind farm, enough energy to power over 60,000 homes on an annual basis. The wind farm will be built by Avangrid Renewables in Sherman County, Oregon. The Golden Hills Wind Farm will be Avangrid Renewables’ 13th in the Pacific Northwest and an important step toward realizing the company’s nearly 19 gigawatt project pipeline. The project will help PSE meet its goals to reduce carbon dioxide emissions while providing additional capacity to serve customers, particularly during winter periods of high electricity demand.

This agreement is part of PSE’s commitment to the environment and deep decarbonization by investing in more wind energy. PSE selected this project as part of the mix to meet the needs identified in its 2018 all source RFP. The addition of the Golden Hills wind project will increase PSE’s owned and contracted wind fleet to over 1,150 megawatts. These wind facilities form a key component in PSE’s clean energy strategy and progress towards Washington State’s clean energy goals.

“We are pleased to partner with Avangrid Renewables to continue to build on our history of championing renewable energy in the Pacific Northwest,” said David Mills, PSE Senior Vice President and Chief Strategy Officer. “This new wind project will enable us to continue to provide clean, reliable electric service to all of our customers.”

“The Golden Hills Wind Farm builds upon our strong track record of successful renewable energy projects in the Pacific Northwest,” said Alejandro de Hoz, President and CEO of Avangrid Renewables. “We are proud to continue to lead the region’s clean energy transition and provide long-term economic opportunities in rural communities.”

The Golden Hills Wind Farm will be located near the town of Wasco, Ore. Avangrid Renewables expects to complete the project by late 2021. The turbines will be spread across approximately 28,000 acres of grazing and dry-land wheat farmland held by 37 landowners.

The project is expected to deliver substantial economic benefits to the region both during construction and on an ongoing basis once operational. An estimated 250 jobs will be created or supported during the construction phase, and the facility will employ approximately 12 full time employees once it becomes operational. Golden Hills is expected to deliver over $220 million in landowner payments and local taxes over the lifetime of the project, providing a valuable source of revenue to local economies.

About Puget Sound Energy: Puget Sound Energy is proud to serve our neighbors and communities in 10 Washington counties. We’re the state’s largest utility, supporting 1.1 million electric customers and nearly 900,000 natural gas customers. For more about us and what we do, visit pse.com. Also follow us on Facebook and Twitter.

About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities primarily using wind power. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.

Learn about the Iberdrola Group’s global pandemic response at its COVID-19 Hub.


© Business Wire 2020
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Analyst Recommendations on AVANGRID, INC.
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Financials (USD)
Sales 2022 7 349 M - -
Net income 2022 903 M - -
Net Debt 2022 8 554 M - -
P/E ratio 2022 20,0x
Yield 2022 4,18%
Capitalization 16 312 M 16 312 M -
EV / Sales 2022 3,38x
EV / Sales 2023 3,54x
Nbr of Employees 7 300
Free-Float 18,2%
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 42,19 $
Average target price 43,22 $
Spread / Average Target 2,45%
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Managers and Directors
Pedro Azagra Blázquez Chief Executive Officer & Director
Robert D. Kump President & Deputy Chief Executive Officer
Patricia C. Cosgel Chief Financial Officer & Senior Vice President
José Ignacio Sánchez Galán Director
Dave Labelle Vice President-Environmental Health & Safety
Sector and Competitors
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SOUTHERN COMPANY-5.81%73 157
ENEL S.P.A.8.91%60 620