Avangrid Renewables is to sell a 50% stake in its Dry Lake 2 wind farm and Copper Crossing solar plant to Axium Infrastructure.
The $112m deal for the Arizona-based renewable energy plants is expected close later this year.
Avangrid Renewables developed, and currently owns and operates the 65MW Dry Lake 2 and the 20MW Copper Crossing, with the long-term output of both under contract to Salt River Project (SRP).
Avangrid Renewables chief executive Laura Beane said: “An experienced asset manager like Axium Infrastructure is a natural partner as we continually work to optimise our renewables assets and pipeline through strategic sales, alliances, or partnerships, and create value and new opportunities for the business.
The wind farm, located in Snowflake, uses 31 Suzlon S88 wind turbines, and reached commercial operation in 2010.
The solar plant, located in Florence, reached commercial operation in 2011.
Axium Infrastructure US president Thierry Vandal said: “We look forward to building on this transaction and growing our partnership in the coming years.”
Transfer of control of Dry Lake 2 is expected to occur in 2019, and transfer of control of Copper Crossing is expected to occur in 2020.