Avangrid Completes Sale of Kitty Hawk North Offshore Wind Lease

(Reuters) – Avangrid (NYSE:AGR), part of the Iberdrola (OTC:IBDRY) Group, has completed the sale of its Kitty Hawk North offshore wind lease to Dominion Energy (NYSE:D) for $160 million, according to a statement made on Thursday.

The lease encompasses Avangrid's nearly 40,000-acre Kitty Hawk North wind farm, proposed over 36 miles (57.94 km) from Virginia Beach, Virginia, along with associated assets. The transaction includes a lease acquisition payment of $117 million and reimbursement for associated development costs to Avangrid.

Avangrid will maintain ownership of the Kitty Hawk South lease, continuing its development to potentially provide up to 2.4 gigawatts of power to North Carolina, Virginia, and other states.