Avangrid, a member of the Iberdrola Group, and Statkraft have established a commercial relationship in the United States through a Virtual Power Purchase Agreement (VPPA). The contract covers the supply of Renewable Energy Certificates from Avangrid’s wind farm at Streator Cayuga Ridge South in Illinois. This VPPA is the first of its kind between the two companies on the US market.
Management commitments and risk management
Commenting on the signing of the contract with Statkraft, Pedro Azagra, CEO of Avangrid, said: “We are grateful to partner with organizations like Statkraft that share our commitment to accelerating the transition to clean energy. Climate change is a defining issue of our time, and it’s vital that we work together to meet this challenge.” The latter emphasized Avangrid’s “proactive approach” to managing market risks and the ongoing distribution of clean energy.
Statkraft expansion and international cooperation
Patrick Pfeiffer, Head of Statkraft US, says: “This VPPA marks an important milestone in the establishment and expansion of our PPA business in the United States. We are proud to partner with Avangrid, continuing our successful relationship with Iberdrola in Europe. In working towards a global energy transition, it’s essential to think beyond borders and connect internationally. Together with our valued partners, we can renew the way the world is powered.”
Avangrid, with an installed capacity of over 8.7 GW, is one of the largest renewable energy operators in the United States. The company aspires to be the country’s leader in sustainable energy, with assets of around $44 billion and operations in 24 states.
