Avangrid has closed the sale of the Kitty Hawk North offshore wind lease area to Dominion Energy.
The agreement, which includes the wind lease area and associated assets, sold for $160 million. The sale price consists of a lease acquisition payment of $117 million and associated development cost reimbursement to Avangrid.
“Closing this transaction is a tremendous development for our key business objectives and strategic priorities, positioning us to pursue new opportunities for investment across our renewables portfolio,” says Avangrid CEO Pedro Azagra.
“As we close this sale, focus on delivering on our capital investment plan and continue the development of Kitty Hawk South, Avangrid is proud of its work to accelerate the clean energy transition in the United States.”
Avangrid retains the ownership and associated rights to the lease, and will continue the development of the area, which has the potential to deliver 2.4 GW to North Carolina, Virginia or other states or private companies.
