Wind central for newborn Avangrid
Iberdrola and UIL join forces to 'transform' US energy industry
Iberdrola and UIL Holdings have completed their merger tomorrow and kick off trading on Thursday as Avangrid.
The combined entity’s renewable energy subsidiary will be the second largest wind producer in the US with 5.6GW across 53 projects in 18 states.
Around 69% of the capacity is contracted for an average term of nine years.
Overall, Avangrid will be a diversified energy and utility company with $30bn in assets and operations in 25 states.
Iberdrola chairman Ignacio Galan said: “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.”
UIL chief executive James P. Torgerson will become chief at Avangrid.
“We will be a leader in the transformation of the US energy industry,” he said. “This friendly integration of Iberdrola USA and UIL Holdings will offer a more sustainable future to our customers, shareholders and communities.”
Image: the Big Horn wind farm (Iberdrola)