Exhibit 99.1
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FOR IMMEDIATE RELEASE |
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Contacts:
Analysts: Charlotte
Ancel, Charlotte.Ancel@Avangrid.com, 203-997-7366
Media: Leo
Rosales, Leo.Rosales@Avangrid.com, 518-419-2401
AVANGRID ANNOUNCES RECEIPT OF TAKE PRIVATE PROPOSAL FROM IBERDROLA, S.A.
Orange, CT March 7, 2024Today Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company, and a member of the
group of companies controlled by Iberdrola, S.A., announced that the Unaffiliated Committee of its Board of Directors received a non-binding proposal from Iberdrola, S.A. on March 6, 2024 to acquire all
of the issued and outstanding shares of common stock of Avangrid not owned by Iberdrola, S.A. or its affiliates for $34.25 in cash per share. Iberdrola, S.A. owns approximately 81.6% of Avangrids issued and outstanding shares of common
stock.
On March 6, 2024, the Avangrid Board met and determined that the Unaffiliated Committee will review, evaluate,
negotiate, and approve or disapprove the proposal, advised by independent legal and financial advisers, as well as any other alternative proposals or other strategic alternatives that may be available to Avangrid. The consummation of the proposed
transaction is conditioned upon the approval of the proposed transaction by the Unaffiliated Committee and by the Avangrid shareholders that hold in the aggregate a majority of the outstanding shares of common stock that are not held by Iberdrola,
S.A. and its affiliates.
No decision has yet been made with respect to Avangrids response to the proposal or any alternatives
thereto. Avangrids Board cautions that it has only received a proposal, which does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner. There can be no assurance that any definitive
offer will be made, that any agreement will be executed or that the transaction proposed in the proposal or any other transaction will be approved or completed.
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About Avangrid: Avangrid, Inc.
(NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks
and renewables. Through its networks business, 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 renewables business, Avangrid owns and operates
a portfolio of renewable energy generation facilities across the United States. Avangrid employs more than 7,500 people and was recognized by JUST Capital as one of the JUST 100 companies a ranking of Americas best corporate
citizensin 2024 for the fourth consecutive year. In 2024, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.s Sustainable Development Goals and was named among the
Worlds 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, S.A. For more information, visit https://www.avangrid.com.
Forward Looking Statements
Certain statements in
this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as may, will, should, would, could,
can, expect(s), believe(s), anticipate(s), intend(s), plan(s), estimate(s), project(s), assume(s), guide(s),
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