Avangrid Announces Close of Sale for Kitty Hawk North Offshore Lease Area to Dominion Energy
40,000 acre lease area could support 800 MW of offshore wind generation energy; Transaction value of approximately
“Closing this transaction is a tremendous development for our key business objectives and strategic priorities, positioning us to pursue new opportunities for investment across our renewables portfolio,” said Avangrid CEO Pedro Azagra. “As we close this sale, focus on delivering on our capital investment plan, and continue the development of Kitty Hawk South, Avangrid is proud of its work to accelerate the clean energy transition in the United States.”
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
As one of the largest renewable energy developers in the nation, Avangrid has a 9 Gigawatt portfolio of more than 75 wind and solar facilities in 25 states, generating enough energy to power over 2.8 million homes across the country.
In September 2024, Avangrid’s 791 Megawatts (MW) New England Wind 1 project was selected by the Commonwealth of
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in
Forward-Looking Statements
Certain statements in this report may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. These forward-looking statements generally include statements regarding the potential transaction Avangrid and Dominion Energy, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of the potential transaction, the continued development of Kitty Hawk South and its estimated future capacity, Avangrid’s total generation capacity, the operating status and future capacity of Vineyard Wind 1, the development of the New England Wind lease area, and any other statements regarding Avangrid’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current reasonable beliefs, expectations and assumptions and may influenced by many factors, which are often beyond Avangrid’s control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see Avangrid’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filings and the information filed on Avangrid’s Forms 8-K with the SEC as well as its subsequent SEC filings, and the risks and uncertainties related to the proposed transaction, including, but not limited to: the expected timing and likelihood of completion of the proposed transaction, including the timing, receipt and terms and conditions of any regulatory approvals of the proposed transaction or other third-party consents or approvals, the ability of Avangrid and Dominion Energy to satisfy other conditions to closing, timely performance by third parties under existing or future contracts, or the occurrence of severe weather events. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. Avangrid does not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in Avangrid’s reports filed with the SEC and we encourage you to consult such disclosures.
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Media Contact:
Kimberly Harriman
(203) 203-4481
Kimberly.Harriman@avangrid.com
Source: AVANGRID, Inc.