Copenhagen Infrastructure Partners (CIP) and Avangrid Renewables have agreed to restructure their U.S. offshore wind joint venture by swapping ownership of jointly owned assets.
With the restructuring, CIP will become the 100 percent owner of the federal lease area OCS-A 522, which can accommodate up to 2,500 megawatts of offshore wind power. Avangrid Renewables will become the 100 percent owner of lease area OCS-A 534, containing the 804-megawatt Park City Wind project and the prospective 1,200-megawatt Commonwealth Wind project.
The restructuring will allow CIP and Avangrid Renewables to focus on their own expansion plans in the U.S. offshore wind market and better align project timelines with the sponsors’ strategic objectives.
CIP entered the U.S. offshore wind market in 2016 and moved forward with developing the 800-megawatt Vineyard Wind 1 project, which achieved financial close last week. For the past five years, CIP has co-led the development of all pr
