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Avangrid sells Kitty Hawk North offshore wind lease area to Dominion

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Avangrid has completed the sale of its 40,000-acre Kitty Hawk North offshore wind lease area to Dominion Energy for $160 million. The transaction includes a $117 million lease acquisition payment and reimbursement for associated development costs. The sale agreement was initially signed in July 2024. Avangrid, part of the Iberdrola Group, retains the rights to Kitty Hawk South, where it plans to develop up to 2.4 GW of offshore wind capacity, supplying power to Virginia,…

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Iberdrola to acquire remaining 18% stake in Avangrid for $2.55bn

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Spanish utility Iberdrola has announced that Avangrid shareholders have approved its $2.55 billion proposal to acquire the remaining 18% stake in the company. Shareholders will receive $35.75 per share, representing a 15.2% premium over the 30-day weighted average price before the acquisition’s March announcement. The acquisition will enhance Avangrid’s ability to secure financial resources needed for investments in transmission and distribution networks in states like New York, Connecticut, Maine, and Massachusetts. Following regulatory clearances, Avangrid…