Eversource puts wind assets on block, exits Orsted JV for $625 million
Eversource Energy announced it will sell its 50 percent stake in a wind farm development site in Massachusetts to Danish joint venture partner Ørsted for $625 million.
This transaction is expected to close by the end of the third quarter of 2023, and is subject to regulatory approvals, the company said.
In a statement, Eversource said it would use a portion of the funds from the deal – an all-cash transaction – to provide tax equity on its South Fork Wind project.
Meanwhile, the company said it had also planned to advance the sale of its equity in three other offshore wind JVs, dubbed South Fork Wind, Revolution Wind, and Sunrise Wind, with a total capacity of 1,758 MW.
Eversource holds 50 percent interest in each of them, and said it expects second quarter 2023 results will include a non-recurring after-tax impairment charge of $220-280 million following the sales.
Eversource is pursuing an exit of the unregulated offshore wind business, but Chairman and CEO Joe Nolan said the company is "fully committed to being a catalyst to the region's clean energy transition". The company operates the largest energy delivery system in the New England region, serving approximately 4.4 million electric, natural gas and water utility customers in Connecticut, Massachusetts and New Hampshire.