Avangrid sells stake in 20MW Arizona PV project to Axium

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The 20MW Copper Crossing Solar Project is located in Florence, Arizona, and is comprised of 66,000 PV modules. Image: Flickr / zak zak

Avangrid Renewables has signed off on an agreement with Axium Infrastructure to transfer 50% ownership of both the Copper Crossing Solar Project and Dry Lake II Wind Farm in the coming months. 

Avangrid Renewables developed and currently owns and operates both Arizona renewable-energy projects, with the long-term output of both projects under contract with Salt River Project (SRP).

The 20MW Copper Crossing Solar Project is located in Florence, Arizona, and is comprised of 66,000 PV modules. It reached commercial operation in 2011. The 65.1MW Dry Lake II Wind Farm reached commercial operation in 2010. 

This transaction is expected to close in the fourth quarter of 2019 and involves total consideration of US$112 million. Transfer of control of Copper Crossing is expected to occur in 2020, while Dry Lake II is expected to change hands in 2019. 

Avangrid Renewables’ president and CEO Laura Beane said: “An experienced asset manager like Axium Infrastructure is a natural partner as we continually work to optimize our renewables assets and pipeline through strategic sales, alliances, or partnerships, and create value and new opportunities for the business. We look forward to expanding this partnership with future development opportunities.”

Axium Infrastructure US president Thierry Vandal added: “Axium is thrilled to be partnering with Avangrid Renewables, a leading renewable energy company in the United States, in acquiring a 50% interest in these quality solar and wind assets in Arizona. We look forward to building on this transaction and growing our partnership in the coming years.”

Read Next

November 24, 2021
The US International Trade Commission has recommended that the Section 201 safeguard tariffs on solar cells and modules be extended.
November 15, 2021
US solar manufacturers behind the controversial anti-circumvention petition have said they are “evaluating all options” and could refile petitions in the future.
November 10, 2021
A round-up of the latest new from the US solar market, as FTC Solar toasts a 500MW+ project win in Arizona and a 3.2GW renewables-enabling transmission project in California edges forward.
November 5, 2021
First Solar is actively exploring future capacity manufacturing locations after recording a surge in demand, both domestically and internationally, amidst supply chain obstacles impacting the PV industry.
PV Tech Premium
October 27, 2021
As prices rise and component availability remains tight, both solar’s upstream and downstream are rallying behind the common cause of ensuring which projects can go ahead, do go ahead in a timely fashion. Liam Stoker assesses the industry’s efforts to keep the supply chain moving forward.
October 15, 2021
European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal