Avangrid Renewables has reached an 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 65.1MW Dry Lake II Wind Farm is located in Snowflake, and features 31 Suzlon S88 wind turbines. It reached commercial operation in 2010. The 20MW Copper Crossing Solar Project is located in Florence, and 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.