April 8 (Renewables Now) - US sustainable energy company Avangrid Inc (NYSE:AGR) has priced USD 750 million (EUR 691m) in aggregate principal amount of 3.200% notes, in a drive to raise funds for renewables development.
Avangrid said in a statement on Tuesday that it plans to use the fresh funds to finance and/or refinance one or more eligible renewable energy projects in the US.
More specifically, it will support the construction and development of onshore and offshore wind projects, as well as photovoltaic (PV) and concentrated solar power (CSP) schemes. Also, it will invest in transmission and distribution networks projects, which, in turn, will enable the connection of more renewables.
The financial instruments being issued are direct unsecured and unsubordinated obligations of Avangrid. Their offering is seen to close on April 9.
The joint book-running managers of the offering are: BBVA Securities Inc, BNP Paribas Securities Corp, BofA Securities Inc, MUFG Securities Americas Inc, CIBC World Markets Corp, Commerz Markets LLC, NatWest Markets Securities Inc and Scotia Capital (USA) Inc.
(USD 1.0 = EUR 0.921)