Avangrid Adds Facebook's Meta to List of U.S. Energy Clients

Researched by Industrial Info Resources (Sugar Land, Texas)--After building out a strong presence on the U.S. East Coast, Avangrid Incorporated (NYSE:AGR) (Orange, Connecticut) announced this week it has signed a power purchase agreement (PPA) with Meta Platforms Incorporated (NASDAQ:META) (Menlo Park, California), the parent company of Facebook, to purchase renewable energy from True North, which is Avangrid's first solar project in Texas. Avangrid is the U.S.-based subsidiary of Iberdrola S.A. (Bilbao, Spain). Industrial Info is tracking more than $11.3 billion worth of active projects across the U.S. featuring Avangrid's services.

Click on the image at right for a graph detailing the total investment values for active projects with Avangrid, by U.S. state.

The True North Solar facility in Mart, Texas, is designed to generate 240 megawatts (MW) from photovoltaic (PV) solar panels. It is slated to finish construction toward the end of 2025, although it is in its early stages of development, in which plenty of factors could alter, or cancel, the projected investment. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more in a detailed project report.

Pedro Azagra, the chief executive officer of Avangrid, said in a recent earnings-related conference call that the company renegotiated 780 MW of wind and solar PPAs in 2022, in addition to its new projects: "Over the last year, we managed a challenging market environment to deliver 395 megawatts of new capacity, including our first large-scale solar projects."

Patricia Cosgel, the chief financial officer of Avangrid, noted in the same presentation that Avangrid closed on tax equity funding for $223 million of solar and onshore wind projects in 2022.

Of the Avangrid projects Industrial Info believes to have a high likelihood (81% or more) of beginning construction as planned, most of the related spending is along the U.S. West Coast. The bulk of spending within this region is in Oregon, where Avangrid is developing the Bakeoven Solar Plant in Maupin, along with several other solar facilities. The Bakeoven complex features a 60-MW solar-power plant, with PV panels provided by Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario), and a 100-MW battery energy-storage system (BESS) unit. Both components of the project, which kicked off in late 2021, are expected to wrap up in the third quarter. Subscribers can read detailed reports on the solar generation and BESS projects.

Avangrid also is developing the 162-MW Montague Solar Plant in Arlington, Oregon, at the site of its existing Montague Windfarm, and the 140-MW Day Break Solar Plant in Antelope, Oregon. Both projects began construction in 2021 and are expected to wrap up in the summer and spring of 2023, respectively. Subscribers can read detailed reports on the Montague and Day Break projects.

On the U.S. East Coast, Avangrid is at work on the AC Energy Highway project, a wide-ranging initiative to modernize New York's state energy infrastructure. The multi-phase undertaking with LS Power Development LLC (New York, New York) includes upgrading and constructing a series of transmission lines in the south-central area of the state. This includes construction of a new, 29.5-mile stretch from Bainbridge to Binghamton, and an upgrade to a 20.5-mile stretch from Binghamton back to Bainbridge. Subscribers can read detailed reports on the new line and the upgrade, or click here for a full list of project reports related to the AC Energy Highway project.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Subscribers can click here for a full list of reports for active projects featuring Avangrid's services.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).