BNY Mellon Avangrid Green Bond Appointment Helps Drive Sustainable Development Goals

BNY Mellon announced today that it is acting as trustee, registrar, and paying agent for a $600 million green bond priced and issued by AVANGRID, Inc., a diversified energy and utility company. The offering closed on November 21, 2017.

AVANGRID is the third largest wind energy producer in the US and Iberdrola S.A. is its majority shareowner. AVANGRID is committed to reducing emissions intensity by 25% by 2020 (compared to a 2015 baseline) and to be carbon neutral by 2035.

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 and in transmission and distribution network projects that connect renewable energy sources or reduce 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, and to 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.

“This bond is consistent with BNY Mellon’s strategy both in the green bonds space and our desire to support the UN’s Sustainable Development Goals,” said Kathleen Scott, Executive Manager for Corporate & Insurance. “In 2017, the green bond market broke the $100bn barrier, doubling in volume versus 2016, and BNY Mellon expects continued growth in the coming year.” 

“We were pleased with the response received from the market. This bond provides funding consistent with our growth strategy and long term plans for expanding our renewables portfolio,” said James P. Torgerson, CEO for AVANGRID. 

To learn more about BNY Mellon Corporate Trust, please visit our website. Members of the media, contact Chris Fox (christopher.fox@bnymellon.com).

About BNY Mellon Corporate Trust

BNY Mellon is the premier provider of corporate trust services to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. As of September  30, 2017, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 54,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.

About AVANGRID

AVANGRID, Inc. (NYSE: AGR) is a diversified energy and utility company with more than $32 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates more than 6 gigawatts of owned and controlled renewable generation capacity, primarily through wind and solar, in 22 states across the United States. AVANGRID employs approximately 6,800 people. For more information, visit www.avangrid.com.