Iberdrola USA and UIL Holdings Corporation announced the closing of the merger between their companies that creates a diversified energy and utility company.The company will operate under the name AVANGRID, Inc. with $30 billion in assets and operations in 25 states.
“Today, AVANGRID, a new American energy giant, has been born. As we have done since our arrival in the United States in 2006, we will continue investing in clean energy across the country, and bring new value to our utility customers through improving infrastructure, new technology, and innovative services,” Iberdrola’s Chairman, Ignacio Galán stated.
With the merger, AVANGRID’s renewable energy subsidiary is the second largest wind-power producer in the U.S. with 5.6 gigawatts of wind generation capacity sited in 53 wind farms in 18 states. Approximately 69% of the capacity is contracted for an average term of nine years.
“We will be a leader in the transformation of the U.S. energy industry,” added James Torgerson, the new CEO of AVANGRID. He was the President and CEO of UIL Holdings. “This friendly integration of Iberdrola USA and UIL Holdings will offer a more sustainable future to our customers, shareholders and communities.”
Torgerson will also serve on the AVANGRID Board of Directors, and will head a leadership team from among the former UIL and Iberdrola USA executives. The company will maintain a close affiliation with the majority shareholder and former parent company, Iberdrola, S.A.
AVANGRID has a coast-to-coast presence with a workforce of approximately 7,000 employees in three subsidiary companies. The AVANGRID utilities will continue to have offices in Connecticut, Massachusetts, Maine, and New York and will benefit from an expanded organization with greater resources, strategic alignment, and business proximity.
AVANGRID
www.avangrid.com
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