ORANGE, Conn.--(BUSINESS WIRE)--Avangrid Renewables, LLC, a subsidiary of AVANGRID (NYSE: AGR), today announced a transaction with WEC Energy Group of Milwaukee to sell an ownership interest in the Tatanka Ridge Wind Farm, now under construction in Deuel County, SD, northeast of Brookings. Under the terms of the transaction, which was signed earlier this month, WEC Energy Group will acquire an 85 percent ownership interest and substantially all of the tax benefits in the project for approximately $235 million. Closing the transaction is subject to receipt of certain regulatory approvals and customary closing conditions.
“Partnering with WEC Energy Group on another new wind project enables us to capitalize on our broad development pipeline of renewable projects around the country,” said Alejandro de Hoz, president and CEO of Avangrid Renewables. “With a renewables development pipeline approaching 19 gigawatts, we have the flexibility to pursue different avenues to maximize the value of our wind and solar assets, and lead a transformational change in the energy sector by meeting customers’ and partners’ appetite for clean energy solutions.”
Avangrid Renewables is building the 56-wind turbine, 155-megawatt project, which is expected to reach commercial operation by early 2021. The wind farm encompasses approximately 18,000 acres of primarily corn and soybean farms and cattle ranches, leased from more than 100 landowners. Between land lease payments and taxes, the wind farm would provide approximately $1.7 million of economic benefits annually.
In December, 2018, Avangrid Renewables sold an 80% ownership interest in the 97-megawatt Coyote Ridge Wind Farm in Brookings County, SD, to WEC Energy Group. That project reached commercial operation in 2020.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities primarily using wind power. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
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