Avangrid, part of the Iberdrola Group, has announced the completion of its sale of the Kitty Hawk North offshore wind lease area to Dominion Energy.
The transaction, valued at approximately $160 million, includes the offshore wind lease area and associated assets, with a price of around $3,000 per acre across the nearly 40,000-acre lease. The sale price comprises a lease acquisition payment of $117 million, along with reimbursement for development costs incurred by Avangrid.
Avangrid retains ownership and rights to the Kitty Hawk South lease and will continue its development, which has a potential capacity of up to 2.4GW to North Carolina, Virginia, or other states or private companies.
