Eversource completes sale of its stake in South Fork and Revolution wind projects

Eversource Energy completed the sale of its 50 percent interest in the 132-megawatt South Fork Wind project and the 704-megawatt Revolution Wind project in Connecticut.

The stakes were sold to Global Infrastructure Partners (GIP) with adjusted gross proceed from the transaction coming in at $745 million.

Adjusted gross proceeds from the sale were reduced by approximately $375 million from the expected purchase price of approximately $1.12 billion. This reduction accounts for approximately $150 million due to lower capital spending and approximately $225 million in lower proceeds related to the delay of the commercial operations date of Revolution Wind.

“We have reached an important milestone today in our commitment as a pure-play regulated pipes and wires utility that delivers superior service and value to our customers,” Eversource Chairman, President and Chief Executive Officer Joe Nolan said. “We are proud of the role we have played to advance offshore wind projects, and we will continue to be a leader in employing our transmission expertise to conduct onshore work that supports the clean energy transition and enables the continued development of renewable resources for our region.”

This follows the previously completed sale of the company’s 50 percent interest in the Sunrise Wind project to Ørsted.

“We have completed an important step in our journey to strengthen our balance sheet and improve our credit metrics, with the closing of this transaction and resulting proceeds,” Eversource Executive Vice President and Chief Financial Officer John Moreira said. “Our equity issuance plan of up to $1.3 billion over the next several years is unchanged, and we look forward to working with Ørsted and GIP to complete the onshore construction of these projects to enable clean energy in the New England region.”

With the completion of this sale, Eversource has now divested all its ownership interests in the offshore wind business.

Goldman Sachs assisted with the sale while Ropes & Gray LLP served as legal counsel.

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