Copenhagen Infrastructure Partners (CIP) and Avangrid Renewables, a subsidiary of Spain’s Iberdrola, have agreed to swap ownership of jointly owned US offshore wind assets. The restructuring of their joint venture will allow CIP and Avangrid Renewables to focus on their own expansion plans in the US offshore wind market.
Following the restructuring, CIP will become the 100% owner of lease area OCS-A 522, which can accommodate up to 2,500 MW of offshore wind power, and Avangrid Renewables will become the 100% owner of lease area OCS-A 534, containing the 804 MW Park City Wind project and the prospective 1,200 MW Commonwealth Wind project.
Given the more advanced development status of Park City Wind and Commonwealth Wind, Avangrid Renewables will also pay CIP $167.5m at closing, expected in the next six months.
The transaction is subject to the approval of key stakeholders and regulators.
The 800 MW Vineyard Wind 1 project remains a 50/50 joint venture between the two companies.