Utility company Eversource Energy has formally exited the offshore wind sector by wrapping up the sale of its 50% interest in the 132MW South Fork Wind and the 704MW Revolution Wind projects to Global Infrastructure Partners (GIP).
The expected purchase price was expected to be in the region of $1.12bn but the actual adjusted gross proceeds from the transaction were $745m. The $375m reduction is due to lower capital spending between announcing the transaction and closing, and lower proceeds caused primarily by the delay of the commercial operations date of Revolution Wind.
With the completion of this sale and the previously completed sale of the Company’s 50% interest in the Sunrise Wind project to Ørsted, Eversource expects to record an aggregate net loss on the completion of its offshore wind divesture of approximately $520m in the third quarter of 2024.
“We are proud of the role we have played in advancing 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,” said Joe Nolan, Eversource chairman, president, and CEO.
“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,” added John Moreira, Eversource EVP and CFO.
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