Avangrid Renewables has agreed to sell an 85% stake in the 155MW Tatanka Ridge wind project in South Dakota to WEC Energy.
Tatanka Ridge, under construction in Deuel County, is expected to reach commercial operation in early 2021.
Under the terms of the transaction WEC Energy Group will acquire an ownership interest and most of the tax benefits in the project for approximately $235m (€197m).
Avangrid Renewables president and chief executive Alejandro de Hoz (pictured) said: “Partnering with WEC Energy Group on another new wind project enables us to capitalise on our broad development pipeline of renewable projects around the country.
“With a renewables development pipeline approaching 19GW, we have the flexibility to pursue different avenues to maximise the value of our wind and solar assets, and lead a transformational change in the energy sector by meeting customers’ and partners’ appetite for clean energy solutions.”
Avangrid Renewables is building the wind farm that will feature 56 turbines installed across corn and soybean farms as well as cattle ranches, leased from more than 100 landowners.
Between land lease payments and taxes, the wind farm would provide approximately $1.7m of economic benefits annually.
In December 2018, Avangrid Renewables sold an 80% ownership interest in the 97MW Coyote Ridge wind farm in Brookings County, South Dakota, to WEC Energy Group.
Coyote Ridge reached commercial operation earlier this year.