CIP and Avangrid Renewables agree on asset swap

Wind Industry Profile of

CIP and Avangrid Renewables have come to an agreement to restructure their US offshore wind joint venture by swapping ownership of jointly owned assets. CIP will become the 100% owner of the federal lease area OCS-A 522, which can accommodate up to 2,500MW of offshore wind power.

About the asset swap Copenhagen Infrastructure Partners (CIP) has entered into an agreement to restructure its US offshore wind joint venture with Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR). The restructuring will allow CIP and Avangrid Renewables to focus on their own expansion plans in the US offshore wind market and better align project timelines with the sponsors’ strategic objectives. CIP, a pioneer in offshore wind globally, successfully... ... More: Official Press Release CIP

Keywords:

CIP, Iberdrola, offshore, asset swap, USA, wind farm, joint venture, restructure, ownership, wind power, lease