Avangrid has reached an agreement with Axium for the sale of 50% of the Dry Lake II wind farm and 50% of the Copper Crossing solar project in Arizona for $112 million (€101 million)
Iberdrola’s US subsidiary, Avangrid currently owns and operates the two Arizona projects, with the long-term output of both projects under contract to Salt River Project (SRP).
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 $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.
The DLA Piper included Madrid partner Íñigo Gómez-Jordana (pictured).