Avangrid sells offshore wind lease to Dominion Energy for $160 million

(Reuters) – Avangrid (NYSE:), part of the Iberdrola (OTC:) Group, has completed the sale of its Kitty Hawk North offshore wind lease to Dominion Energy (NYSE:) at $160 million, the company said on Thursday.

The lease covers Avangrid’s nearly 40,000-acre Kitty Hawk North wind farm proposed more than 36 miles (57.94 km) from Virginia Beach, Virginia, and associated assets. The sale includes a lease acquisition payment of $117 million and reimbursement of associated development costs to Avangrid.

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