Iberdrola USA has secured all federal and state permits for its proposed merger with UIL Holdings Corporation, which was announced in March 2015, and the merger will close in December 2015.
Iberdrola will own 81.5% of the new company resulting from the merger, named AVANGRID, with 18.5% held by stock investors. As well as transferring 18.5% of the share capital of Iberdrola USA to the former shareholders of UIL Holdings Corporation, the deal involves the payment of US$595m in cash.
AVANGRID will become one of the largest utilities in the US: it will have US$30bn in assets, over 3.1 million points of supply and an installed capacity of some 6,700 MW. Of these, 5,600 MW correspond to wind power generation, making AVANGRID the second wind power operator in the United States. Approximately 69% of the capacity is contracted for an average term of nine years and the project pipeline stands at 5,900 MW.
AVANGRID will have a strong presence in the states of Connecticut, Massachusetts, New York and Maine, with operations spanning a further 21 states.
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