Avangrid Renewables to transfer 50% ownership of US wind and solar projects to Axium Infrastructure

Avangrid Renewables, LLC has reached agreement with Axium Infrastructure to transfer 50% ownership of the Dry Lake II Wind Farm and 50% of the Copper Crossing Solar Project later this year. Avangrid Renewables developed, and currently owns and operates the two Arizona projects, with the long-term output of both projects under contract to Salt River Project (SRP).

The 65.1 megawatt Dry Lake II Wind Farm is located in Snowflake, and features 31 Suzlon S88 wind turbines. It reached commercial operation in 2010. The 20 MW Copper Crossing Solar Project is located in Florence, and features 66,000 photovoltaic modules. It reached commercial operation in 2011.

The transaction, which is subject to the satisfaction of customary closing conditions and approval by the Federal Energy Regulatory Commission, is expected to close in the 4th quarter of 2019 and involves total consideration of US$112 million. Transfer of control of Dry Lake II is expected to occur in 2019, and transfer of control of Copper Crossing is expected to occur in 2020.