Avangrid has entered into a Power Purchase Agreement (PPA) with CPS Energy. Under the agreement, CPS Energy secures a 161 MW portion of Avangrid’s Peñascal I wind farm in Kenedy County, Texas. The agreement represents an extension and expansion of a previous 15-year agreement between the two companies for energy from Peñascal I.
Furthermore, CPS Energy’s power offtake has more than doubled, increasing from 77 MW to 161 MW. CPS Energy will now receive nearly 80 per cent of the power generated by the wind farm. Avangrid is providing CPS Energy with enough energy to power about 41,000 Texas homes.
In May 2024, Iberdrola finalised an agreement to acquire the remaining 18.4 per cent minority stake in its US subsidiary Avangrid. The Board of Directors of Avangrid has approved the transaction, following the recommendation of a committee made up entirely of independent directors that has been delegated the authority to oversee this operation.
