Avangrid Renewables LLC on Sept. 13 entered into an agreement to sell 50% ownership interests in two Arizona renewable projects to Axium Infrastructure Inc. for $112 million.
The Avangrid Inc. subsidiary developed and operates the 65.1-MW Dry Lake II wind farm and the 20-MW Copper Crossing solar project, according to a Sept. 17 news release. Both projects sell their output to Salt River Project under long-term power contracts.
Dry Lake II began commercial operation in 2010, and Copper Crossing came online in 2011.
Subject to satisfaction of customary closing conditions and approval by the Federal Energy Regulatory Commission, the deal is scheduled to be completed in the fourth quarter of 2019. Control of the wind project is expected to be transferred by the end of 2019. Transfer of control of the solar facility is planned to occur in 2020.
