Avangrid sells stake in 20MW Arizona PV project to Axium
Sep 18, 2019 05:30 PM ET
Avangrid Renewables has signed off on an agreement with Axium Infrastructure to transfer 50% ownership of both the Copper Crossing Solar Project and Dry Lake II Wind Farm in the coming months.
Avangrid Renewables developed and currently owns and operates both Arizona renewable-energy projects, with the long-term output of both projects under contract with Salt River Project (SRP).
The 20MW Copper Crossing Solar Project is located in Florence, Arizona, and is comprised of 66,000 PV modules. It reached commercial operation in 2011. The 65.1MW Dry Lake II Wind Farm reached commercial operation in 2010.
This transaction is expected to close in the fourth quarter of 2019 and involves total consideration of US$112 million. Transfer of control of Copper Crossing is expected to occur in 2020, while Dry Lake II is expected to change hands in 2019.
Avangrid Renewables’ president and CEO Laura Beane said: “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. We look forward to expanding this partnership with future development opportunities.”
Axium Infrastructure US president Thierry Vandal added: “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. We look forward to building on this transaction and growing our partnership in the coming years.”