Iberdrola and CIP swap US offshore wind assets

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.

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.
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