Avangrid, Inc., a diversified energy company, announced the pricing of $600 million in aggregate principal amount of its 3.150% notes due December 1, 2024. The offering is expected to close on November 21, 2017, subject to the satisfaction of customary closing conditions.
Avangrid expects to use the net proceeds of the offering to finance and/or refinance, in whole or in part, renewable energy projects in the United States, including investment in:
- The construction and development of onshore and offshore wind and solar power projects
- Transmission and distribution networks projects that connect renewable energy sources or reducing greenhouse gas emissions.
Specifically, it is expected that the net proceeds from the offering will be used to reimburse Avangrid for expenditures made to:
- Construct a 208 MW wind farm in North Carolina that was placed in service between December 2016 and February 2017
- Purchase a 56-MW solar farm in Oregon that was placed in service in October 2017.
To the extent the net proceeds exceed the expenditures on these projects, the remaining net proceeds will be used to finance and/or refinance additional renewable energy projects selected by Avangrid’s green financing committee.
BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Wells Fargo Securities LLC are acting as joint book-running managers of the offering. BBVA Securities Inc. is the green structuring agent.