Avangrid Renewables LLC has reached an agreement with Axium Infrastructure to sell stakes in Arizona wind and solar facilities.
Avangrid plans to transfer 50% ownership of the Dry Lake II Wind Farm and 50% of the Copper Crossing Solar Project later this year. Avangrid is the owner, operator and developer of the two projects, which sell their long-term output to Salt River Project.
“An experienced asset manager like Axium Infrastructure is a natural partner as we continually work to optimize our renewables assets and pipeline through strategic sales, alliances or partnerships and create value and new opportunities for the business,” says Avangrid Renewables’ president and CEO, Laura Beane. “We look forward to expanding this partnership with future development opportunities.”
The 65.1 MW Dry Lake II Wind Farm, located in Snowflake, features 31 Suzlon S88 wind turbines. It reached commercial operations in 2010. The 20 MW Copper Crossing Solar Project, located in Florence, features 66,000 photovoltaic modules. It reached commercial operations 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 fourth quarter. It 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.