AVANGRID Announces Pricing of Notes

Today AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced the pricing of $750 million in aggregate principal amount of its 3.200% notes due April 15, 2025. The offering is expected to close on April 9, 2020, 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, one or more 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 (e.g., automated metering or transmission built for the purpose of connecting renewable generation resources).

BBVA Securities Inc., BNP Paribas Securities Corp., BofA Securities, Inc., MUFG Securities Americas Inc., CIBC World Markets Corp., Commerz Markets LLC, NatWest Markets Securities Inc. and Scotia Capital (USA) Inc. are acting as joint book-running managers of the offering.

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 BBVA Securities Inc. collect at 1-212-728-1500, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, BofA Securities, Inc. toll-free at 1-800-294-1322, or MUFG Securities Americas Inc. toll-free at 1-877-649-6848.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains a number of forward-looking statements. 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),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation:

• the future financial performance, anticipated liquidity and capital expenditures;
• actions or inactions of local, state or federal regulatory agencies;
• success in retaining or recruiting our officers, key employees or directors;
• changes in levels or timing of capital expenditures;
• adverse developments in general market, business, economic, labor, regulatory and political conditions;
• fluctuations in weather patterns;
• technological developments;
• the impact of any cyber breaches or other incidents, grid disturbances, acts of war or terrorism, natural disasters or pandemic health events or other similar occurrences;
• the impact of any change to applicable laws and regulations affecting operations including those relating to the environment and climate change, taxes, price controls, regulatory approval and permitting;
• the implementation of changes in accounting standards; and
• other presently unknown unforeseen factors.

Additional risks and uncertainties are set forth under the prospectus supplement and accompanying prospectus that AVANGRID will file with the SEC in connection with the proposed offering. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the SEC and we encourage you to consult such disclosures.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people.

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