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Avangrid Renewables receives FERC approval to transfer stake in NM wind project

Avangrid Renewables LLC on Dec. 1 won the approval of the Federal Energy Regulatory Commission to proceed with two transactions related to the company's planned 298-MW El Cabo Wind Project in New Mexico.

Under the first transaction, the Avangrid Inc. subsidiary will transfer a 100% passive membership stake in the project to JPM Capital Corp., Bankers Commercial Corp. and Antrim Corp.

In the second transaction, Avangrid Renewables will transfer a 48.5% controlling membership stake in the project to an affiliate of Pattern Energy Group Inc. unit Pattern Energy Group LP, which currently holds a 1% controlling stake in El Cabo.

The project holds a 20-year power purchase agreement with Edison International subsidiary Southern California Edison Co. (FERC docket EC17-176)