Avangrid and Statkraft establish US relationship
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Avangrid, Inc., a leading sustainable energy company and member of the Iberdrola Group, and Statkraft, Europe’s largest producer of renewable energy, has announced the signing of a Virtual Power Purchase Agreement (VPPA), establishing a new relationship between the two companies in the US.
Statkraft will receive Renewable Energy Certificates (RECs) from Avangrid’s 300 MW Streator Cayuga Ridge South Wind Farm in Illinois with this short term VPPA.
This is the first agreement between the two companies in the US market. Statkraft and Iberdrola, S.A., Avangrid’s parent company, have a Power Purchase Agreement (PPA) in place for energy produced at Iberdrola’s Korytnica II wind farm in Poland.
“We are grateful to partner with organizations like Statkraft that share our commitment to accelerating a clean energy transition. Climate change is a defining issue of our time and it is vital that we work together to meet the moment,” said Pedro Azagra, Avangrid CEO. “Agreements like this are a good example of our active approach to managing merchant risk at Avangrid’s existing renewable energy facilities, while ensuring clean energy continues to flow to the communities where it’s needed most.”
"This VPPA marks a significant milestone in the establishment and expansion of our PPA business in the US,” commented Patrick Pfeiffer, Head of Statkraft US. “We are proud to partner with Avangrid as a continuation of our successful relationship with Iberdrola in Europe. As we work toward a global energy transition, it's critical to think beyond borders and connect internationally. Together with our valued partners, we can renew the way the world is powered.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Spring 2024 issue
The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.
Read the article online at: https://www.energyglobal.com/wind/09042024/avangrid-and-statkraft-establish-us-relationship/
You might also like
Eavor Erdwärme Geretsried signs loan agreement for geothermal project financing
Eavor Erdwärme Geretsried GmbH has entered into a loan agreement for the project financing totalling at around €130 million with Japan Bank for International Cooperation, the European Investment Bank, ING Bank N.V., Tokyo Branch, and Mizuho Bank, Ltd.