Spain’s Iberdrola SA has acquired the remaining 18.4 percent shares of its United States subsidiary Avangrid Inc. that it did not already own, assuming full ownership of the renewable power producer.

Avangrid delisted from the New York Stock Exchange and now operates as a private company, its headquarters still in Connecticut, following the acquisition, according to a statement by Iberdrola.

Avangrid shareholders received $35.75 a share under the transaction. “Avangrid shareholders who owned the stock on December 2, 2024 will also receive the proportional quarterly dividend until closing, which will be paid on January 2, 2025”, said the statement on Iberdrola’s website.

“The merger will allow Iberdrola to invest in the United States more efficiently”, Iberdrola said. The subsidiary will be able to participate more economically in new energy infrastructure projects in its grid and renewable businesses, representing a significant investment in local communities and generating hundreds of direct and indirect jobs.

“These projects will create a more robust, resilient and reliable power grid, and will help meet the growing demand from utilities and data centers”.

Avangrid’s assets amount to $46 billion, Iberdrola said. With a capacity of 8,700 megawatts of renewable energy, Avangrid distributes power to seven million people across Connecticut, Maine, Massachusetts and New York, according to Iberdrola.

Avangrid recently won two offshore wind lease areas in the Gulf of Maine. OCS-A 0564 spans 98,565 acres while OCS-A 0568 covers 124,897 acres, Avangrid said in a press release October 29.

“Avangrid will work to develop the lease areas, with the potential to deliver 3 Gigawatts of clean power, to help meet the energy needs of the New England region and advance the United States 30 GW offshore wind target”, it said.

“The lease areas also enable Avangrid to help progress floating wind technology, as the next generation of offshore wind development is increasingly sited in deeper waters”.

“Not including the lease area secured today, Avangrid has a projected offshore wind pipeline of over 5 GW on the East Coast of the United States – enough to power more than two million households”, Avangrid said then.

“In addition to the Vineyard Wind 1 project (800 Megawatts), of which Avangrid is a 50 percent owner, Avangrid owns 100 percent of New England Wind 1 (791 MW), New England Wind 2 (1,079 MW), and Kitty Hawk Wind South (2400 MW off the coast of Virginia and North Carolina).

“With today’s result, Avangrid has the largest offshore development portfolio in the Northeast region by total acreage”.

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