Iberdrola Announces Agreement for Sale of Kitty Hawk North Offshore Lease Area to Dominion Energy

Iberdrola, through its US subsidiary Avangrid, today announced an agreement for the sale of the Kitty Hawk North offshore wind lease area to Dominion Energy. 

The agreement, which includes the Kitty Hawk North offshore wind lease area and associated assets, is for a sale of approximately $160 million, inclusive of a payment of about $3,000 per acre for the nearly 40,000-acre lease. The sale price consists of a lease acquisition payment of $117 million and associated development cost reimbursement to Avangrid.

Avangrid retains the ownership and associated rights to the Kitty Hawk South lease, and will continue the development of the area, which has the potential to deliver up to 2.4 Gigawatts of power to North Carolina, Virginia, or other states or private companies.