Avangrid plans US war chest
$600m note placement to raise funds for renwables projects
Avangrid plans to raise $600m from the placing of its 3.150% notes to finance and refinance renewable energy projects in the US.
The projects will include on- and offshore wind farms and solar projects, as well as transmission and distribution networks to connect renewables to the grid.
Avangrid will specifically use the funds to reimburse expenditures for the construction of a 208MW wind farm in North Carolina and the purchase of a 56MW solar plant in Oregon.
The notes will be “direct unsecured and unsubordinated obligations” of Avangrid.
The offering will close on 21 November.
BBVA Securities, BNP Paribas Securities, Citigroup Global Markets and Wells Fargo Securities are acting as joint book-running managers of the offering.