ORANGE, Connecticut — January 31, 2018 — AVANGRID, Inc. (NYSE: AGR) today announced that Avangrid Renewables Holdings, Inc., a wholly-owned subsidiary of AVANGRID, has entered into a definitive agreement to sell Enstor Energy Services, LLC, which operates AVANGRID’s gas trading business, to CCI U.S. Asset Holdings LLC, a subsidiary of Castleton Commodities International, LLC (CCI). This transaction does not include AVANGRID’s Enstor gas storage business.
Enstor Energy Services is a limited proprietary trading business providing structured products and hedging services. CCI is a global commodities merchant with an integrated set of operations consisting of the marketing and merchandising of commodities and the ownership, operations, and development of commodities-related upstream and infrastructure assets.
"We are pleased to have reached this agreement to sell the Enstor gas trading business to CCI," said Jim Torgerson, chief executive officer of AVANGRID. "The sale of this business to CCI is consistent with the results of our strategic review of the Enstor gas storage businesses, including the trading business."
The transaction, which is subject to the satisfaction of customary closing conditions, is expected to be completed during March 2018.
"On a more personal level, I want to thank the Enstor Energy Services team for all of their hard work and years of service as part of the AVANGRID group," said Torgerson. "I'm extremely proud of what the dedicated group of professionals has accomplished."
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Additional risks and uncertainties are set forth under the “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 and our Quarterly Report on Form 10-Q for the nine months ended September 30, 2017, which are on file with the Securities and Exchange Commission. 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.