In September 2019, Axium acquired a 50% interest in the 65.1 MW Dry Lake II wind farm and the 20 MW Copper Crossing solar facility from Avangrid Renewables. The sales purchase agreement, signed on September 13, 2019, is subject to the approval by the Federal Energy Regulatory Commission.
Both assets are located in Arizona and have power purchase agreements with Salt River Project. Dry Lake II wind farm started operation in 2010 and the Copper Crossing Solar Project in 2011.
The transaction is expected to close later this year with the transfer of control of Dry Lake II planned for 2019 while Copper Crossing is expected to occur in 2020.
Operis provided a formal model audit for this project as part of the acquisition.