Iberdrola’s U.S.-based subsidiary Avangrid Renewables has agreed to acquire a 50% stake in the Vineyard Wind project offshore Massachusetts from Copenhagen Infrastructure Partners (CIP).
CIP carried out the sale on behalf of its fund – Copenhagen Infrastructure II K/S (CI-II).
After closing of the transaction, the project will be held 25% by CI-II, 25% by Copenhagen Infrastructure III K/S and 50% by Avangrid Renewables.
The partnership will further strengthen the project through the combined extensive offshore wind expertise of the partners and CIP is pleased that the project will benefit from Avangrid’s material U.S. presence, the Danish investor said.
CIP acquired the Vineyard Wind project in 2016.
Vineyard Wind is a company holding a 166,886 acre (675 square km) offshore wind energy lease issued by the U.S. Bureau of Ocean Energy Management and located south of Massachusetts.
Vineyard Wind is eligible to participate in the utility tender program established by recently enacted legislation in Massachusetts, which calls for a total of 1,600 MW of new offshore wind capacity until 2027.