Avangrid Wraps Up $160M Kitty Hawk North Lease Sale to Dominion Energy
October 25, 2024
Avangrid, the U.S. unit of Spain's Iberdrola, has closed the sale of Kitty Hawk North offshore wind lease are to Dominion Energy for approximately $160 million.
The sale price consists of a lease acquisition payment of $117 million and associated development cost reimbursement to Avangrid.
Avangrid retains the ownership and associated rights to the Kitty Hawk South lease, and will continue the development of the area, which has the potential to deliver up to 2.4 GW of power to North Carolina, Virginia, or other states or private companies.
Located offshore North Carolina, Kitty Hawk North Wind will be renamed Coastal Virginia Offshore Wind (CVOW)-South, Dominion Energy said earlier. It would have a capacity of 800 MW, enough to serve 200,000 homes and businesses, and will be connected to the company’s transmission grid.
“Closing this transaction is a tremendous development for our key business objectives and strategic priorities, positioning us to pursue new opportunities for investment across our renewables portfolio.
“As we close this sale, focus on delivering on our capital investment plan, and continue the development of Kitty Hawk South, Avangrid is proud of its work to accelerate the clean energy transition in the United States,” said Avangrid CEO Pedro Azagra.
