Avangrid Turns to Renewable, Infrastructure Plans as Profits Soar

July 28, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Renewable-energy developer Avangrid Incorporated (NYSE:AGR) (Orange, Connecticut), a subsidiary of Iberdrola S.A. (Bilbao, Spain), is proving that it isn't just fossil-fuel giants who are enjoying strong business in the current energy crunch. The company is putting its profits toward infrastructure improvements and generation buildout, particularly in the U.S. Northeast.

Industrial Info is tracking more than $8.5 billion worth of active projects from Avangrid, nearly $1 billion of which already are under construction. In renewables, the company commissioned 201 megawatts (MW) in the second quarter and remain on track for an additional 400 MW to be commissioned in 2022. Among the renewable-based projects set to wrap up by the end of the year are three solar plants in Oregon. The company also is developing a series of offshore wind projects in New England and is upgrading and constructing a series of transmission lines in southcentral New York.