Avangrid Completes Sale of Offshore Lease to Dominion Energy

Avangrid, Inc., a prominent renewable energy company, recently announced the successful closure of a significant transaction involving the sale of an offshore lease. The agreement, originally entered into on July 8, 2024, by Avangrid’s subsidiary, Kitty Hawk North, LLC, involved the sale of approximately 40,000 acres of federal offshore lease OCS-A 0559 and associated assets to the Virginia Electric and Power Company, a subsidiary of Dominion Energy, Inc., for a sum of around $160 million.

After ensuring the resolution of all pertinent closing conditions, the transaction was finalized on October 24, 2024. Following the completion of the sale, Avangrid retained the 83,443-acre federal offshore lease OCS-A 0508, known as Kitty Hawk South, along with the associated rights to use the “Kitty Hawk” name.

The sale marks a strategic move by Avangrid, allowing the company to realign its portfolio of assets and focus on its core operations in the renewable energy sector.

Avangrid’s Senior Vice President, Chief Financial Officer, and Controller, Justin Lagasse, signed off on the deal in alignment with the requirements of the Securities Exchange Act of 1934. The successful conclusion of this transaction reinforces Avangrid’s commitment to enhancing its operational efficiency and optimizing its asset base in line with its long-term strategic goals.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Avangrid’s 8K filing here.

About Avangrid

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.