Avangrid Sells Stake in 155 MW Wind Project for USD 235 Million

By Saur News Bureau/ Updated On Wed, Jul 29th, 2020

Avangrid Renewables, a subsidiary of AVANGRID, has announced that it has completed a transaction with WEC Energy Group of Milwaukee to sell an ownership interest in the Tatanka Ridge Wind project, now under construction in Deuel County, SD, northeast of Brookings. Under the terms of the transaction, which was signed earlier this month, WEC Energy Group will acquire an 85 percent ownership interest and substantially all of the tax benefits in the project for approximately USD 235 million.

Closing the transaction is subject to receipt of certain regulatory approvals and customary closing conditions.

“Partnering with WEC Energy Group on another new wind project enables us to capitalize on our broad development pipeline of renewable projects around the country,” said Alejandro de Hoz, president and CEO of Avangrid Renewables. “With a renewables development pipeline approaching 19 gigawatts, we have the flexibility to pursue different avenues to maximise the value of our wind and solar assets, and lead a transformational change in the energy sector by meeting customers’ and partners’ appetite for clean energy solutions.”

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The firm is building the 56-wind turbine, 155-megawatt project, which is expected to reach commercial operation by early 2021. The wind farm encompasses approximately 18,000 acres of primarily corn and soybean farms and cattle ranches, leased from more than 100 landowners. Between land lease payments and taxes, the wind farm would provide approximately USD 1.7 million of economic benefits annually.

In December, 2018, Avangrid Renewables sold an 80 percent ownership interest in the 97-megawatt Coyote Ridge Wind Farm in Brookings County, SD, to WEC Energy Group. That project reached commercial operation in 2020.

Avangrid Renewables, a subsidiary of AVANGRID, is also a part of the Iberdrola Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities primarily using wind power.