Avangrid Renewables, LLC, a subsidiary of AVANGRID has announced a transaction with WEC Energy Group of Milwaukee to sell an ownership interest in the Tatanka Ridge Wind Farm, now under construction in Deuel County, South Dakota, northeast of Brookings, US. Under the terms of the transaction, which was signed earlier this month, WEC Energy Group will acquire an 85% ownership interest and substantially all of the tax benefits in the project for approximately US$235 million. Closing the transaction is subject to receipt of certain regulatory approvals and customary closing conditions.
Avangrid Renewables is building the 56-wind turbine, 155-MW project, which is expected to reach commercial operation by early 2021. The wind farm encompasses approximately 18 000 acres of primarily corn and soybean farms and cattle ranches, leased from more than 100 landowners. Between land lease payments and taxes, the wind farm would provide approximately US$1.7 million of economic benefits annually.
In December, 2018, Avangrid Renewables sold an 80% ownership interest in the 97-MW Coyote Ridge Wind Farm in Brookings County, South Dakota, to WEC Energy Group. The project reached commercial operation in 2020.
Read the article online at: https://www.energyglobal.com/wind/30072020/wec-energy-group-acquires-stake-in-us-wind-farm/