Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc., 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). 

“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,” said Avangrid Renewables’ President and CEO Laura Beane. “We look forward to expanding this partnership with future development opportunities.” 

“Axium is thrilled to be partnering with Avangrid Renewables, a leading renewable energy company in the United States, in acquiring a 50% interest in these quality solar and wind assets in Arizona,” said Axium Infrastructure U.S.’ President Thierry Vandal. “We look forward to building on this transaction and growing our partnership in the coming years.” 

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 $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.

Link to Avangrid Renewables US country profile

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