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05/01/2018

AVANGRID Completes Sale of Gas Storage Business To an Affiliate of ArcLight Capital Partners

AVANGRID Completes Sale of Gas Storage Business To an Affiliate of ArcLight Capital Partners

ORANGE, Connecticut — May 1, 2018 — AVANGRID, Inc. (NYSE: AGR), a diversified energy company, today announced that its wholly owned subsidiary, Avangrid Renewables Holdings, Inc., has completed the sale of Enstor Gas, LLC, to an affiliate of ArcLight Capital Partners, LLC.

Enstor Gas, based in Houston, Texas, owns and operates natural gas storage facilities in the Gulf Coast and Southwest regions of the United States with a total storage capacity of 88.5 Bcf and a net working gas storage capacity of 67.5 Bcf.

ArcLight Capital Partners, LLC, is a Boston-based private equity firm focused on energy infrastructure investments. Going forward, Enstor Gas will operate as an ArcLight portfolio company, and its contact information will remain unchanged.

“The sale of our gas storage business reflects our decision, based on our recently completed strategic review, that AVANGRID will maintain its focus on its core utility and renewables businesses,” said James P. Torgerson, AVANGRID’s CEO. “I wish to thank the hard-working team at Enstor Gas for their many contributions to AVANGRID, and I wish them well in the future.”

In March, AVANGRID separately announced that Avangrid Renewables Holdings had completed the sale of Enstor Energy Services, LLC, its gas trading business, to a subsidiary of Castleton Commodities International LLC.

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About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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