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Avangrid Produces First Power from True North Solar Project in Texas, Construction on Schedule

Posted on by darion





Avangrid (NYSE: AGR) has begun producing electricity from its True North Solar Project in Falls County, Texas, marking a significant milestone. The project has commissioned 20 MW to date, with full commercial operation expected by the end of 2024. True North will be Avangrid’s largest solar project and its first in Texas, with a total capacity of 238 MWac (321 MWdc).

The project will provide clean energy to support Meta’s net-zero emissions commitment, including its upcoming data center in Temple. It is expected to generate more than $40 million in property taxes throughout its existence, benefiting local public services and schools. Avangrid has a strong presence in Texas, with over 1,200 MW of installed wind capacity and over $100 million paid in property taxes from existing facilities.

Positive


  • True North’s 20 MW solar project launched, on schedule to be fully operational by the end of 2024


  • True North will be Avangrid’s largest solar project with a capacity of 238 MWac


  • The project will support Meta’s net zero commitment and its new data centre


  • The project is expected to generate over $40 million in property taxes over its lifetime.


  • Avangrid has 1,200 MW of installed wind capacity in Texas


Avangrid’s Progress in True North Solar Project in Texas is a significant milestone, not only for the company but also for the state’s energy market. The 20 MW launch is the first step toward achieving a full capacity of 238 MWac. This project fits well with the growing demand for renewable energy sources, especially in a state that is diversifying its energy portfolio.

The fact that the project will provide power to Meta’s data center is noteworthy. Companies like Meta are increasingly committed to sustainability, and securing a renewable energy source helps them achieve their net-zero emissions goals. This partnership also ensures stable demand for the energy produced, providing a steady stream of revenue for Avangrid.

In addition, economic benefits such as job creation and 40 million dollars in property taxes during the life of the project are essential for local communities. These factors make the project economically beneficial, beyond its environmental impact.

For investors, the project signals Avangrid’s continued ability to deliver large-scale renewable projects. This could improve the company’s market position and potentially increase shareholder value in the long term.

The start of power production at the True North solar project is a positive indicator of Avangrid’s financial health. The project, once fully operational, will significantly increase their renewable energy portfolio, potentially leading to increased revenue streams. With commercial operations expected to begin in late 2024, the timeline suggests near-term revenue growth for the company.

The agreement with Meta to supply 100% renewable energy to its data center is key. Such agreements often include long-term power purchase agreements (PPAs), providing Avangrid with predictable and stable revenues. This long-term stability is attractive to investors looking for low risk and steady returns.

In addition, impact on local communities through property taxes and job creation can improve a company’s image and increase goodwill, which is beneficial for long-term growth and community relations.

From a sustainability perspective, the True North solar project is a significant step toward reducing carbon emissions and promoting clean energy. Texas has historically been dependent on fossil fuels, so increasing the share of renewable energy is a positive environmental change. The project’s full capacity of 238 MWac will significantly reduce the region’s carbon footprint.

This project supports the Meta net-zero initiative, highlighting the growing trend of technology companies putting sustainability first. By facilitating such initiatives, Avangrid not only contributes to environmental goals, but also strengthens its position as a leader in the renewable energy sector.

In addition, this project can serve as a model for future renewable energy development projects in other regions, demonstrating the feasibility and benefits of large-scale solar energy projects.









Avangrid has so far launched 20 MW of capacity under the project, and commercial operations are planned to commence by the end of the year.

FALLS COUNTY, TX–(BUSINESS WIRE)– Avangrid, Inc. (NYSE: AGR), a leading renewable energy company and member of Iberdrola Group, announced that it has begun producing energy from its True North solar project in Falls County, TexasNear Waco. With 20 MW commissioned to date, this is another important milestone for what will become the largest solar project in Avangrid’s portfolio and its first solar project in Texas.

“This is great news not only for the timely construction of True North, but also for the state of Texas on a large scale. Thanks to the diligent work of our team and our contractors, we are able to provide additional energy to Texas “electric grid as we head into the summer months,” said Pedro Azagra, CEO of Avangrid. “I am pleased to see this project moving forward as Avangrid continues its mission to accelerate the transition to clean energy across America.”

True North will be a 238 MWac (321 MWdc) solar farm. Once built, the project will provide clean, renewable energy to support Meta’s net-zero emissions commitment, including supporting its upcoming data center in neighboring Temple, its second data center in Texaswith 100 percent renewable energy. Before commercial operations begin, expected in late 2024, the project will supply electricity to customers Texas net.

During construction and operation, the project creates local jobs and supports local communities. It is expected to pay more than 40 million dollars in property taxes over the life of the project, which directly supports public services such as security and fire protection, as well as local schools.

Avangrid has successfully developed, built and operated renewable energy facilities in Texas for over 15 years, with over 1,200 MW of installed wind power. The company has paid over 100 million dollars in property taxes on existing facilities.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be a leading renewable energy company United States. Headquarters in Orange, CT from about 45 billion dollars in assets and operations in 24 U.S. states, Avangrid has two primary business lines: grids and renewables. Through its grid businesses, Avangrid owns and operates eight electric and natural gas utilities serving more than 3.3 million customers in New York and New England. Through its renewable energy business, Avangrid owns and operates a portfolio of renewable energy facilities in United States. Avangrid employs approximately 8,000 people and was recognized by JUST Capital as one of the JUST 100 Companies, a ranking of America’s Best Corporate Citizens, in 2024 for the fourth consecutive year. In 2024, Avangrid was ranked first among utilities and 12th overall. The company supports the United Nations Sustainable Development Goals and was named one of the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, SA. For more information, visit www.avangrid.com.

Contact with the media:

Keaton Thomas

[email protected]

503-956-9621

Source: AVANGRID, Inc.








Frequently asked questions



How efficient is Avangrid’s (AGR) True North solar project in Texas?

Avangrid’s True North solar project in Texas will have a total capacity of 238 MWac (321 MWdc), making it the company’s largest solar project.


When can we expect Avangrid’s (AGR) True North solar project to be fully operational?

Avangrid’s True North solar project is expected to be fully operational and begin commercial operations by the end of 2024.


How much money has Avangrid (AGR) commissioned so far for the True North solar project?

Avangrid has so far commissioned its 20 MW True North solar plant in Texas.


What is the expected economic impact of Avangrid’s (AGR) True North solar project?

Avangrid’s True North solar project is expected to generate more than $40 million in property taxes over its lifetime, which will support local public services and schools.