By Giulia Petroni

Iberdrola SA on Tuesday said that Avangrid Renewables LLC has entered into an agreement with Copenhagen Infrastructure Partners to fully take over two jointly held offshore wind projects in the U.S.

The Spanish energy company said the deal includes full ownership of Park City Wind project in Connecticut and Commonwealth Wind in Massachusetts. Avangrid Renewables will retain 50% of the Vineyard Wind 1 project in Massachusetts, which will be the first commercial-scale offshore wind farm in the country.

Avangrid Renewables will make a net payment of approximately $167.5 million.

All necessary approvals are expected in the next six months, according to the company. Avangrid Renewables and Copenhagen Infrastructure Partners have a 50-50 joint venture called Vineyard Wind LLC to develop offshore wind projects in the east coast of the U.S.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 21, 2021 09:24 ET (13:24 GMT)

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