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.”
Following the successful launch of Energy Storage Summit USA, we are pleased to announce its return for a 2nd year. Renowned for its quality, breadth and expertise, this event features an all-encompassing range of strategic and technical sessions on the adoption and deployment of storage. Key market drivers such as the falling price of lithium-ion batteries, investment in electric vehicle infrastructure, FERC Order 841, government incentives, grid modernization, transition from dependency on the networks to a desire for autonomy and intermittent renewable sources, all add to an exciting time for the Energy Storage value chain.
Intersolar North America is the first major solar + energy storage event of the year that connects innovators and decision makers. With a dynamic exhibition floor and robust conference program, #isna2020 provides business-to-business professionals a platform to advance business, expand education, and drive networking. Immerse yourself in three days of best-in-class conference programming and special exhibits and pavilions that showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets: Join us February 4-6, 2020 at the San Diego Convention Center in San Diego, California.