Avangrid And Vitol Reach Landmark Transfer Agreement For $100M Of Production Tax Credits
Portfolio Pulse from Benzinga Newsdesk
Avangrid, Inc. (NYSE:AGR) and Vitol Inc. have reached a transfer agreement for an estimated $100 million of 2023 production tax credits (PTCs) from eight operating wind farms. This is one of the largest publicly announced deals since the passage of the Inflation Reduction Act (IRA), which created a new transferable credit framework to help developers monetize PTCs. The agreement will allow Avangrid to pay down debt and make further capital investments.

September 27, 2023 | 1:51 pm
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Avangrid's agreement with Vitol for the transfer of $100M in production tax credits will allow the company to pay down debt and make further capital investments. This could potentially boost the company's financial health and stock performance.
The transfer agreement allows Avangrid to monetize its production tax credits, which can be used to pay down debt and make further capital investments. This could potentially improve the company's financial health and make its stock more attractive to investors.
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