Avangrid Inc (NYSE:AGR), majority-owned by Spanish electric utility group Iberdrola SA (BME:IBE), on Tuesday announced plans to consolidate its onshore and offshore renewable energy operations in order to strengthen the business and achieve synergies.
The businesses will be integrated into Avangrid Renewables, the sustainable energy company’s green energy arm.
“As we strive to maximize asset value, efficiently execute projects, and manage the changing dynamics of business in the US, consolidation of the onshore and offshore businesses will allow Avangrid to leverage human capital, supply chain synergies, and project execution experience across Renewables,” said Pedro Azagra, Avangrid’s CEO.
In line with the consolidation, Avangrid has appointed Jose Antonio Miranda as president and chief executive of Avangrid Renewables. He previously served as co-CEO and president of Avangrid Renewables’ Onshore business. Before joining the company, he was the CEO of Onshore in the Americas region for Siemens Gamesa and chairman of its boards in the US, Mexico, and Brazil.
Portland, Oregon-based Avangrid Renewables has close to 8 GW of operating wind and solar power generation capacity and a development pipeline exceeding 20 GW of solar, onshore and offshore wind projects. Avangrid’s other primary business is Avangrid Networks, which runs electric and natural gas utilities.
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