Eversource Energy (Eversource) has announced that it has executed a definitive agreement to sell its 50 percent ownership share in South Fork Wind and Revolution Wind to Global Infrastructure Partners (GIP).
The agreement covers Eversource’s 50 percent share in the 132MW South Fork Wind project and the 704MW Revolution Wind project. Ørsted’s 50 percent ownership interests are not affected by today’s announcement. Eversource is expected to enter into a separate construction management agreement as a contractor to Revolution Wind to complete the onshore work that is currently underway. Eversource will maintain its previously announced tax equity investment in South Fork Wind. Eversource expects to receive approximately $1.1 billion from GIP upon the closing of the transaction, which is expected to occur in mid-2024. Proceeds may be adjusted as a result of final construction costs and updated project economics following the commercial operation date of Revolution Wind and following the closing for the South Fork project. At or prior to the closing of the sale to GIP, Ørsted and GIP intend to enter into definitive partnerships and services agreements.
In January, Eversource announced that it had reached an agreement to sell its 50 percent interest in the 924-megawatt Sunrise Wind project to Ørsted, contingent on the successful award of the NY04 NYSERDA Offshore Wind Renewable Energy Credits Agreement request for proposal and other conditions.
