January 8 (Renewables Now) - The renewables unit of Avangrid Inc (NYSE:AGR) has sold its ownership interest in the 97-MW Coyote Ridge wind project in South Dakota to WEC Energy Group of Milwaukee.
More specifically, WEC Energy has bought an 80% stake in the project and substantially all of the tax benefits for USD 145 million (EUR 127m), Avangrid Renewables LLC said today. The transaction was closed last month.
The particular wind park is currently being built in Brookings County. It will use 39 GE wind turbines which will be selling their output to Google Energy LLC upon completion of the project later this year.
Avangrid Renewables will be operating and maintaining the wind park once it is up and running. The company estimates that the project will contribute more than USD 20 million over its lifetime in combined land lease payments to local landowners and local and state tax payments.
(USD 1.0 = EUR 0.875)