Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, and Statkraft, Europe’s largest producer of renewable energy, announced the signing of a Virtual Power Purchase Agreement (VPPA), establishing a new relationship between the two companies in the United States.

Statkraft will receive Renewable Energy Certificates (RECs) from Avangrid’s 300 MW Streator Cayuga Ridge South Wind Farm in Illinois with this short term VPPA.

This is the first agreement between the two companies in the U.S. market. Statkraft and Iberdrola, S.A., Avangrid’s parent company, have a Power Purchase Agreement (PPA) in place for energy produced at Iberdrola’s Korytnica II wind farm in Poland.

“We are grateful to partner with organizations like Statkraft that share our commitment to accelerating a clean energy transition. Climate change is a defining issue of our time and it is vital that we work together to meet the moment,” said Pedro Azagra, Avangrid CEO. “Agreements like this are a good example of our active approach to managing merchant risk at Avangrid’s existing renewable energy facilities, while ensuring clean energy continues to flow to the communities where it’s needed most.”

"This VPPA marks a significant milestone in the establishment and expansion of our PPA business in the United States”, says Patrick Pfeiffer, Head of Statkraft US. “We are proud to partner with Avangrid as a continuation of our successful relationship with Iberdrola in Europe. As we work toward a global energy transition, it's critical to think beyond borders and connect internationally. Together with our valued partners, we can renew the way the world is powered.”

With more than 8.7 GW of installed capacity, Avangrid is one of the largest renewable energy operators in the U.S.

Avangrid | www.avangrid.com

Statkraft | https://www.statkraft.com/