--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-265136" form_type: "8-K" ticker: null cik: "0001634997" company_name: "Avangrid, Inc." filed_at: "2023-10-27T23:59:59+00:00" generated_at: "2026-06-09T07:03:23.196417+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Avangrid subsidiary closes $1.2B tax equity financing for Vineyard Wind 1; parent guaranty up to $725M ## Summary - Tax equity financing of ~$1.2B with J.P. Morgan Chase, Bank of America, Wells Fargo closed Oct 24, 2023. - Avangrid issued a parent guaranty for Tax Equity Investors, max guaranteed amount ~$725M. - Existing Lender Guaranty amended to increase max guaranteed amount to ~$887M. - First funding under tax equity financing expected in Q4 2023. - Vineyard Wind 1 is an 800-MW offshore wind project off Martha's Vineyard, Massachusetts. ## SEC filing metadata - accession: 0001193125-23-265136 - form_type: 8-K - cik: 0001634997 - company_name: Avangrid, Inc. - filed_at: 2023-10-27T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.03 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1634997/000119312523265136/0001193125-23-265136-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1634997/000119312523265136/d550701d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-265136 - JSON: https://secwatch.observer/filing/0001193125-23-265136.json - Plain text: https://secwatch.observer/filing/0001193125-23-265136.txt ## Key facts - Debt Financings Avangrid, Inc. incurred guarantee of up to a maximum guaranteed amount of approximately $725 million with J.P. Morgan Chase, Bank of America, and Wells Fargo. - Instrument: guarantee - Principal: up to a maximum guaranteed amount of approximately $725 million - Counterparty: J.P. Morgan Chase, Bank of America, and Wells Fargo - Event: incurrence source text: (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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523265136/0001193125-23-265136-index.htm - Debt Financings Avangrid, Inc. amended guarantee of increased the maximum guaranteed amount to approximately $887 million with U.S. Bank National Association. - Instrument: guarantee - Principal: increased the maximum guaranteed amount to approximately $887 million - Counterparty: U.S. Bank National Association - Event: amendment source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523265136/0001193125-23-265136-index.htm - Material Agreements Avangrid, Inc. amended Lender Guaranty with U.S. Bank National Association valued at increased maximum guaranteed amount to approximately $887 million (effective 2023-10-24). - Action: amendment - Counterparty: U.S. Bank National Association - Value: increased maximum guaranteed amount to approximately $887 million - Effective: 2023-10-24 source text: the Corporation entered into an amendment of the Lender Guaranty, which increased the maximum guaranteed amount to approximately $887 million. evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523265136/0001193125-23-265136-index.htm - Material Agreements Avangrid, Inc. entered into Equity Capital Contribution Agreement with J.P. Morgan Chase, Bank of America, Wells Fargo valued at $725 million maximum parent guaranty (effective 2023-10-24). - Action: entry - Agreement: equity purchase - Counterparty: J.P. Morgan Chase, Bank of America, Wells Fargo - Value: $725 million maximum parent guaranty - Effective: 2023-10-24 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1634997/000119312523265136/0001193125-23-265136-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.