US developer Avangrid looks set to reap a $100m windfall by selling a portion of its massive Kitty Hawk Wind project off the coasts of Virginia and North Carolina amid surging prices for offshore wind acreage.
Avangrid, majority-owned by Spanish utility giant Iberdrola, was an early entrant to US offshore wind development and bought the 122,000 Kitty Hawk lease in 2017 for $9m, around $73 per acre.
