Avangrid Granted $425 Mln Contract For Aroostook Renewable Project From U.S. DOE

(RTTNews) - Sustainable energy company Avangrid, Inc. (AGR), a member of the Iberdrola Group, announced Thursday that the U.S. Department of Energy (DOE) selected Avangrid for a $425 million capacity contract for its Aroostook Renewable Project. The award is part of the DOE's Transmission Facilitation Program (TFP).

The announcement by DOE comes as the Maine Public Utilities Commission (MPUC) prepares to issue a transmission line Request for Proposals to connect 1,200 megawatts of renewable energy to the New England power grid in Maine.

The generation portion is being solicited by the MPUC separately. Avangrid intends to participate in the transmission line RFP process and will include the awarded $425 million capacity contract as part of the company's proposal.

This $425 million award represents one of the largest federal investments in energy development in Maine's history and will help support clean energy transition goals by facilitating transmission line development to unlock high-quality renewable energy for the region.

Avangrid also plans to invest more than $15 million for Disadvantaged Communities in Maine. Other benefits include job creation, increased property taxes for local communities, rural broadband investments, and a stronger power grid.

The Maine PUC will likely announce winning bids in 2025.