AVANGRID Announces Pricing of Notes

Today AVANGRID, Inc. (NYSE:AGR), a diversified energy company, announced the pricing of $750 million in aggregate principal amount of its 3.800% notes due June 1, 2029. The offering is expected to close on May 16, 2019, subject to the satisfaction of customary closing conditions. The notes will be direct unsecured and unsubordinated obligations of AVANGRID.

AVANGRID expects to use the net proceeds of the offering to finance and/or refinance, in whole or in part, certain eligible renewable energy projects in the United States, including (i) investment in the construction and development of onshore and offshore wind and photovoltaic and concentrated solar power solar renewable electricity production units and (ii) investment in transmission and distribution networks projects having the purpose of connecting renewable energy sources or reducing greenhouse gas emissions through installation of equipment that will improve system efficiency or energy use management.

Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc., Wells Fargo Securities, LLC, BBVA Securities Inc., Deutsche Bank Securities Inc., NatWest Markets Securities Inc. and TD Securities (USA) LLC are acting as joint book-running managers of the offering. Credit Agricole Securities (USA) Inc. is the Green Structuring Agent.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The offering of the notes will be made under AVANGRID’s effective shelf registration statement, filed with the Securities and Exchange Commission (the “SEC”). The offering of these securities will be made only by means of the prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus related to the offering will be available on the SEC's website at http://www.sec.gov and may be obtained from Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Credit Agricole Securities (USA) Inc. toll-free at 1-866-807-6030, MUFG Securities Americas Inc. toll-free at 1-877-649-6848, or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.