Avangrid and PGE Launch New Solar Project for Renewable Energy

Avangrid and PGE Unveil 120 MWac Solar Initiative

Avangrid, Inc. (NYSE: AGR), a prominent sustainable energy firm and part of the Iberdrola Group, has partnered with Portland General Electric (PGE) (NYSE: POR) to announce the development of a significant solar energy project. The Tower Solar project, with a capacity of 120 MWac (166 MWdc), is currently under construction in collaboration with QTS and Meta. This initiative aims to contribute significantly to the energy grid managed by PGE, particularly through its Green Future Impact (GFI) program, which is tailored to assist commercial, industrial, and municipal clients in meeting their sustainability and carbon reduction targets.

Power Purchase Agreement and Its Significance

Through the signing of a Power Purchase Agreement (PPA), PGE's GFI program enables subscribers to receive a bundled renewable energy product. This allows subscribers to benefit from the Renewable Energy Certificates (RECs) linked to the energy produced by the Tower Solar facility. The pricing structure from PGE is crafted to prevent cost shifts to non-participating customers, ensuring fair access to renewable energy.

Supporting Sustainability Goals

As part of the GFI initiative, QTS is setting up a data center campus to facilitate Meta's operations, relying on the renewable energy generated by the Tower Solar project. This collaboration signifies a collective effort to help Meta achieve its sustainability goals and its commitment to using 100% renewable energy.

Statements from Leadership

Pedro Azagra, CEO of Avangrid, expressed enthusiasm about collaborating with major clients to further develop utility-scale solar projects. He emphasized the importance of projects like Tower Solar in enhancing the country's energy independence and highlighted the economic benefits such initiatives bring to the region.

Brett Greene, Senior Director of Clean Energy Origination and Structuring at PGE, noted that the GFI program allows PGE to collaborate with large clients, like QTS, to achieve their sustainability ambitions. This partnership not only funds the development of renewable resources but also fosters green job creation and supports ongoing revenue for the communities in Oregon.

Details About Tower Solar

Set to rise just west of Boardman, the Tower Solar project will occupy around 900 acres of industrially zoned land owned by the Port of Morrow, conveniently located near the Boardman Airport. This ambitious solar energy facility will be equipped with over 200,000 solar panels.

At the height of construction, Tower Solar is expected to generate over 200 jobs, primarily employing residents from the surrounding area. Furthermore, the project anticipates contributing approximately $20 million in PILOTs (payment in lieu of taxes) and property taxes, which will positively impact various public services, including local educational initiatives.

Avangrid's Commitment to Renewable Energy

As the leading supplier of renewable energy under PGE’s Green Future Impact program, Avangrid is referenced for its successful initiatives such as Pachwáywit Fields, Oregon’s largest operational solar facility, and other significant projects like Daybreak and Bakeoven solar farms. Together with these initiatives, Tower Solar will enhance the overall capacity of Green Future Impact program facilities, collectively achieving a remarkable 482 MWac.

Future Prospects

Upon its completion in 2026, Tower Solar will represent Avangrid’s sixth solar installation in Oregon and the seventeenth power generation project across the state. Avangrid currently boasts a robust portfolio of 1.6 GW of operational wind and solar facilities in Oregon.

About Avangrid

Avangrid, Inc. (NYSE: AGR) is dedicated to becoming the premier sustainable energy company in the U.S. With a headquarters in Orange, CT, and around $47 billion in assets across 24 states, Avangrid operates in two main areas: networks and renewables. Its networks division comprises eight electric and natural gas utilities, serving over 3.3 million customers across New York and New England. Meanwhile, the renewables division controls a diverse array of renewable energy generation facilities nationwide. Avangrid is proud to employ around 8,000 individuals and has repeatedly been recognized for its corporate social responsibility efforts.

About Portland General Electric

Portland General Electric (NYSE: POR) plays a pivotal role in generating, transmitting, and distributing electricity to over 930,000 customers across an area populated by approximately 1.9 million Oregonians. With more than 130 years in the industry, PGE focuses on delivering safe, reliable, and increasingly clean electricity while adapting to evolving customer needs. PGE's commitment to sustainability is evident through its ambitious emission reduction goals, aiming for an 80% decrease by 2030 and 100% by 2040.

Frequently Asked Questions

What is the purpose of the Tower Solar project?

The Tower Solar project aims to generate renewable energy for Portland General Electric's grid, contributing to sustainability goals.

How many jobs will Tower Solar create?

At peak construction, Tower Solar is expected to generate over 200 jobs, mainly sourced from the local community.

What role does QTS play in the project?

QTS is developing a data center campus to support Meta's operations, utilizing renewable energy from the Tower Solar project.

When is the Tower Solar project expected to be completed?

The project is anticipated to be completed in 2026.

How much will Tower Solar contribute in taxes?

The project is expected to generate approximately $20 million in PILOTs and property taxes to support local public services.

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