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Iberdrola, through its US subsidiary Avangrid, announced the sale of the Kitty Hawk North offshore wind lease area to Dominion Energy for approximately $160 million. The deal includes the nearly 40,000-acre lease and associated assets, with a lease acquisition payment of $117 million and development cost reimbursements to Avangrid. Avangrid retains ownership of the Kitty Hawk South lease, which it will continue to develop, potentially delivering up to 2.4 GW of power to North Carolina, Virginia, or other states and private companies.
“As Avangrid continues the construction of our nation-leading Vineyard Wind 1 project and the development of our diverse portfolio of offshore and onshore renewable projects, this transaction advances our strategic priorities by providing significant capital infusion for reinvestment,” said Avangrid CEO Pedro Azagra. “Executing this agreement allows us to move forward with our long-term plans for the development of Kitty Hawk South, further demonstrating our commitment to accelerating the clean energy transition in the United States.”
