Avangrid, Inc.: debt financing — Avangrid subsidiary closes $1.2B tax equity financing for Vineyard Wind 1; parent guaranty up to $725M

(the “Corporation”), and 50% indirectly owned by funds of Copenhagen Infrastructure Partners, closed an approximately $1.2 billion tax equity financing transaction (the “Tax Equity Financing Transaction”) with J.P. Morgan Chase, Bank of America, and Wells Fargo (the “Tax Equity Investors”), in connection with its development, construction, ownership, leasing, operation and maintenance of an up to 800-megawatt wind generating facility currently under construction in waters off of the coast of Martha’s Vineyard, Massachusetts (the “Vineyard Wind 1 Project”).

nt, equity contribution agreement and related documents) (the “Vineyard Wind 1 Debt Financing Documents”) with Banco Santander, S.A., New York Branch, as administrative agent (together with its successors and assigns in such capacity, “Administrative Agent”), U.S. Bank National Association (as successor-in-interest to MUFG Union Bank, N.A.), as collateral agent (together with its successors and assigns in such capacity, “Collateral Agent”), and the lenders and issuing lenders from time to time party thereto, and (ii) the Corporation issued a guaranty (as amended, restated, amended and restated, supplemented and otherwise modified and in effect from time to time, the “Lender Guaranty”), in favor of U.S.

the Corporation entered into an amendment of the Lender Guaranty, which increased the maximum guaranteed amount to approximately $887 million.

The Tax Equity Financing Transaction was committed by the execution of that certain Equity Capital Contribution Agreement, dated as of October 24, 2023 (the “ECCA”), by and among Vineyard Wind Sponsor Partners 1 LLC (“Class B Investor”) (a joint venture that is 50% directly owned by Avangrid Vineyard Wind, LLC (“Avangrid Vineyard Wind”) and 50% directly owned by Vineyard Wind CI Partners 1 LLC (“CIP Vineyard Wind”)) and the Tax Equity Investors, pursuant to which the Tax Equity Investors and Class B Investor have agreed to make certain equity contributions in furtherance of the Vineyard Wind 1 Project.