Spanish utility Iberdrola on May 17 said it has agreed to buy the remaining stake in U.S. renewables company Avangrid Inc. in a deal valued at about $2.6 billion.

The company previously owned about 81.6% of Avangrid.

Headquartered in Connecticut, Avangrid has $44 billion in assets and operations across 24 U.S. states and is building the nation’s first large-scale offshore wind project—Vineyard Wind offshore Massachusetts—with partner Copenhagen Infrastructure Partners along with three other offshore wind farms.

Iberdrola said the transaction is intended to increase its exposure in the U.S.

The Spain-based electric utility said it will pay $35.75 per share, which is more than the original proposition of $34.25 per share. The price represents an investment of $2.551 billion, Iberdrola said in a news release.

The transaction was approved by the boards of directors for both companies, but it must secure approval from shareholders and regulators that include the Federal Energy Regulatory Commission and state regulatory commissions of New York and Maine, Iberdrola said.

In addition to developing offshore wind farms, Avangrid owns and operates eight electric and natural gas companies that serve more than 3 million people in New York and New England, according to the release.

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