Avangrid sells offshore wind lease to Dominion Energy for $160 million

Avangrid

24/10/2024 20:14

Oct 24 (Reuters) - Avangrid  AGR.N , part of the
Iberdrola Group, has completed the sale of its Kitty Hawk North
offshore wind lease to Dominion Energy  D.N  at $160 million,
the company said on Thursday.
    The lease covers Avangrid's nearly 40,000-acre Kitty Hawk
North wind farm proposed more than 36 miles (57.94 km) from
Virginia Beach, Virginia, and associated assets. The sale
includes a lease acquisition payment of $117 million and
reimbursement of associated development costs to Avangrid.
    Avangrid retains ownership of the Kitty Hawk South lease,
continuing its development to potentially deliver up to 2.4
gigawatts of power to North Carolina, Virginia and other states.

 (Reporting by Anmol Choubey in Bengaluru; Editing by Richard
Chang)
 ((anmol.choubey@thomsonreuters.com))