Iberdrola's Avangrid to Take Full Ownership of Two US Offshore Wind Projects
September 21 2021 - 9:39AM
Dow Jones News
By Giulia Petroni
Iberdrola SA on Tuesday said that Avangrid Renewables LLC has
entered into an agreement with Copenhagen Infrastructure Partners
to fully take over two jointly held offshore wind projects in the
U.S.
The Spanish energy company said the deal includes full ownership
of Park City Wind project in Connecticut and Commonwealth Wind in
Massachusetts. Avangrid Renewables will retain 50% of the Vineyard
Wind 1 project in Massachusetts, which will be the first
commercial-scale offshore wind farm in the country.
Avangrid Renewables will make a net payment of approximately
$167.5 million.
All necessary approvals are expected in the next six months,
according to the company. Avangrid Renewables and Copenhagen
Infrastructure Partners have a 50-50 joint venture called Vineyard
Wind LLC to develop offshore wind projects in the east coast of the
U.S.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 21, 2021 09:24 ET (13:24 GMT)
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