Avangrid and Statkraft Establish U.S. Relationship with Virtual Power Purchase Agreement
Portfolio Pulse from Benzinga Newsdesk
Avangrid, Inc. (NYSE:AGR) and Statkraft have signed a Virtual Power Purchase Agreement (VPPA) for Renewable Energy Certificates (RECs) from Avangrid's Streator Cayuga Ridge South Wind Farm in Illinois. This marks the first U.S. agreement between Avangrid and Statkraft, expanding their partnership beyond Europe. The VPPA aims to support the clean energy transition and manage merchant risk at Avangrid's renewable energy facilities.
April 08, 2024 | 4:03 pm
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Avangrid enters a VPPA with Statkraft for RECs from its Illinois wind farm, highlighting its commitment to the clean energy transition and risk management.
The VPPA between Avangrid and Statkraft not only strengthens Avangrid's position in the renewable energy market but also demonstrates its active approach to managing merchant risk and commitment to the clean energy transition. This strategic partnership and the emphasis on renewable energy are likely to be viewed positively by investors and could lead to a short-term positive impact on Avangrid's stock price.
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