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Avangrid Renewables Sells Stake in Coyote Ridge Wind Farm

January 8, 2019

ORANGE, Conn.--(BUSINESS WIRE)--Jan 8, 2019--Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR), today announced the sale of the ownership interest in the Coyote Ridge Wind Farm, now under construction in Brookings County, South Dakota, to WEC Energy Group of Milwaukee. Under the terms of the transaction, which closed in December, 2018, WEC Energy Group acquired an 80 percent ownership interest in the project and substantially all of the tax benefits for $145 million.

“Working with a trusted partner like WEC Energy Group aligns with our strategy to maximize the value of our robust renewables pipeline,” said Laura Beane, president and CEO of Avangrid Renewables. “This opportunity enables us to work together to drive economic development and deliver clean energy solutions to meet market demand.”

Avangrid Renewables is building the wind farm, and will provide operations and maintenance services when it reaches commercial operation, which is expected before the end of the year. The wind farm will feature 39 GE wind turbines for a total capacity of 97 megawatts, and has a long-term offtake agreement with Google Energy LLC for 100 percent of the energy produced. Avangrid Renewables anticipates that the project will contribute more than $20 million over its lifetime in combined land lease payments to local landowners and local and state tax payments.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with $32 billion in assets and operations in 24 U.S. states. AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England. Avangrid Renewables owns and operates 7.1 gigawatts of electricity capacity, primarily through wind power, with a presence in 22 states across the United States. AVANGRID employs approximately 6,500 people. AVANGRID supports the U.N.’s Sustainable Development Goals, received a Climate Development Project climate score of “A-,” the top score received in the utilities sector, and was awarded the Compliance Leader Verification by Ethisphere, a prestigious third party verification of its ethics and compliance program.” For more information, visit .

Forward Looking Statements

Forward Looking Statements: This news release contains a number of forward-looking statements. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “can,” “expects,” “future,” “would,” “could,” “can,” “expect(s,)” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),”“assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)”“can,” “expects,” “believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “is confident that” and “seeks” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the reasonable current beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: our future financial performance, anticipated liquidity and capital expenditures; actions or inactions of local, state or federal regulatory agencies; success in retaining or recruiting our officers, key employees or directors; changes in levels or timing of capital expenditures; adverse developments in general market, business, economic, labor, regulatory and political conditions; fluctuations in weather patterns; technological developments; the impact of any cyber-breaches, grid disturbances, acts of war or terrorism or natural disasters; the impact of any change to applicable laws and regulations affecting operations, including those relating to environmental and climate change, taxes, price controls, regulatory approvals and permitting; and other presently unknown or unforeseen factors. Additional risks and uncertainties are set forth under the “Risk Factors” in the AVANGRID, Inc. Annual Report on Form 10-K for the year ended December 31, 2017, and the AVANGRID, Inc. Quarterly Report on Form 10-Q for the nine months ended September 30, 2018, which are on file with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190108005610/en/

CONTACT: Media:

Zsoka McDonald

Zsoka.McDonald@avangrid.com

203.997.6892

KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT

INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY UTILITIES OTHER ENERGY ENVIRONMENT

SOURCE: Avangrid Renewables, LLC

Copyright Business Wire 2019.

PUB: 01/08/2019 08:42 AM/DISC: 01/08/2019 08:42 AM

http://www.businesswire.com/news/home/20190108005610/en

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