September 17 (Renewables Now) - Avangrid Renewables LLC, a subsidiary of Avangrid Inc (NYSE:AGR) has agreed to sell 50% stakes in one wind and one solar park in Arizona to Axium Infrastructure for a total consideration of USD 112 million (EUR 101.6m).
Specifically, the infrastructure investor will acquire the stakes in the 65.1-MW Dry Lake II wind farm, located in Snowflake, and the 20-MW Copper Crossing solar park in Florence.
The wind power facility entered into commercial operation in 2010, while the solar plant has been generating power since 2011. The output of both facilities is contracted for the long term with local utility Salt River Project (SRP).
Pending regulatory clearance, the transaction is seen to close in the final quarter of the year, with the transfer of control of Dry Lake II expected to occur in 2019 and of Copper Crossing in 2020, the announcement says.
(USD 1.0 = EUR 0.907)