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Avangrid and Vitol Reach Landmark Transfer Agreement for $100 Million of Production Tax Credits

Vinson & Elkins advised Vitol Inc. in a landmark transfer agreement with Avangrid, Inc. for an estimated $100 million of 2023 production tax credits from eight operating wind farms, totaling 1,134 megawatts of generating capacity.

The agreement marks one of the largest publicly announced deals to-date since the passage of the Inflation Reduction Act.

The Vinson & Elkins team was led by partners Michael Joyce and Lauren Collins, with assistance from senior associate Anastasia Arsenio and associates Jeff Slusher, Viki Vozarova and Sarah McIntosh.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 11 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting or connect with us on LinkedIn.

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