Avangrid to sell Kitty Hawk North offshore wind lease area to Dominion Energy

Avangrid

08/07/2024 22:19

July 8 (Reuters) - Avangrid  AGR.N , the U.S. unit of
Spain's Iberdrola  IBE.MC , has agreed to sell its Kitty Hawk
North offshore wind lease area to utility firm Dominion Energy
 D.N  for about $160 million, the companies said on Monday.
    Located in offshore North Carolina, Kitty Hawk Wind North
will be renamed Coastal Virginia Offshore Wind (CVOW)-South and
would have a capacity of 800 megawatts (MW), enough to serve
200,000 homes and businesses, Dominion said in a statement.
    Dominion is currently constructing the 2.6 gigawatts (GW)
CVOW commercial project, which is located about 25 miles north
of the CVOW-South lease.
    The two utilities expect the deal to close in the fourth
quarter of 2024.
    Avangrid said it will retain the ownership and associated
rights to the Kitty Hawk South lease, and continue to develop
the area.

 (Reporting by Vallari Srivastava in Bengaluru; Editing by
Shailesh Kuber)
 ((Srivastava.Vallari@thomsonreuters.com;))