PROVIDENCE – A Connecticut-based energy company that owns a pair of offshore wind farms in New England has accepted a $2.55 billion takeover bid.
In its filing with the Securities and Exchange Commission on Sept. 26, shareholders of Avangrid Inc. approved Spain-based Iberdrola S/A’s proposal to acquire the remaining 18.4% stake in the company.
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The merger is subject to the approval of the New York Public Service Commission and is expected to close during the fourth quarter of 2024.
“Today’s approval by shareholders is an important step in the merger process. We are excited about Iberdrola’s continued investment in Avangrid and commitment to the United States,” said Pedro Azagra, CEO of Avangrid.
Avangrid and Copenhagen Infrastructure Partners co-own Vineyard Wind, a 62-turbine project about 14 miles south of Martha’s Vineyard and Nantucket Island and New England Wind, a proposed 791-megawatt wind farm that was recently selected by Massachusetts on Sept. 6 when the commonwealth and Rhode Island joined to procure 2,878 megawatts of offshore wind power.
