Headline: Dominion Energy Acquires Offshore Wind Lease Rights for a Staggering $160 Million

Avangrid, a subsidiary of the Iberdrola Group, has completed the sale of the Kitty Hawk North offshore wind site lease rights to Dominion Energy. The $160 million deal was announced on Thursday. The lease covers the 40,000-acre Kitty Hawk North wind farm and related assets located 36 miles off the coast of Virginia Beach, Virginia. Under the agreement, Dominion Energy will pay a lease rights acquisition fee of $117 million and cover development costs incurred by Avangrid.

Although Avangrid has transferred the Kitty Hawk North lease rights, it retains ownership of the Kitty Hawk South lease rights. The company is continuing development on this project, which has the potential to generate up to 2.4 gigawatts of energy. This energy could meet the needs of North Carolina, Virginia, and potentially other states in the future.

The completed sale represents a significant step for Dominion Energy in expanding its renewable energy portfolio, as the company gains a major presence in the emerging offshore wind sector.