Rights to develop offshore wind energy in an expanse of ocean real estate 24 nautical miles away from the North Carolina coast has been sold for US$ 9 million in an auction held by the US Bureau of Ocean Energy Management (BOEM).

The winning bid was placed by Avangrid Renewables. The lease auction is the final procedural step required before an offshore wind project can be developed at the site, but the project must find a buyer for its electricity before construction can begin.