Avangrid, Inc.: debt financing — Avangrid issues parent guaranty up to $725M for Vineyard Wind 1 tax equity financing

Avangrid, Inc.

Parent guaranty initial amount $57M, increasing to max $725M as tax equity investors fund.
Guaranty issued Dec 13, 2023 to J.P. Morgan, Bank of America, and Wells Fargo.
Vineyard Wind 1 is 50% indirectly owned by Avangrid subsidiary; develops offshore wind off Massachusetts.
Tax equity financing of ~$1.2B closed Oct 24, 2023; parent guaranty issued upon first funding.
Guaranty covers development, construction, ownership, and operation of the Vineyard Wind 1 Project.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Avangrid, Inc. incurred guarantee of initial aggregate amount of approximately $57 million with J.P. Morgan Chase, Bank of America, and Wells Fargo.

Instrument: guarantee
Principal: initial aggregate amount of approximately $57 million
Counterparty: J.P. Morgan Chase, Bank of America, and Wells Fargo
Event: incurrence

Exact text from the filing

the Corporation issued a parent guaranty in favor of the Tax Equity Investors (the “Tax Equity Guaranty”) in the initial aggregate amount of approximately $57 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Avangrid, Inc. entered into Tax Equity Guaranty with J.P. Morgan Chase, Bank of America, and Wells Fargo valued at initial aggregate amount of approximately $57 million (effective 2023-12-13).

Action: entry
Counterparty: J.P. Morgan Chase, Bank of America, and Wells Fargo
Value: initial aggregate amount of approximately $57 million
Effective: 2023-12-13

Exact text from the filing

the Corporation issued a parent guaranty in favor of the Tax Equity Investors (the “Tax Equity Guaranty”) in the initial aggregate amount of approximately $57 million

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Source: SEC EDGAR

accession 0001193125-23-297636

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