Eversource Energy

Eversource Selling Last Offshore Wind Stakes for $1.1B

Feb. 14, 2024
The proposed deal with Global Infrastructure Partners continues an 18-month process for the Northeastern utility.

The leaders of Eversource Energy have signed a deal to sell the company’s stake in the South Fork Wind and Revolution Wind offshore projects, a move that will complete the Northeastern utility’s exit from the offshore wind sector.

Chairman, President and CEO Joe Nolan and his team expect that the planned sale of Eversource’s 50% holdings in South Fork and Revolution to Global Infrastructure Partners will generate about $1.1 billion in cash for Eversource by the middle of this year. The two companies have agreed to potentially adjust that number as the 132-megawatt South Fork site east of Long Island and the 704-megawatt Revolution project offshore Rhode Island ramp up commercial operations and Eversource will share some of the developments’ remaining construction costs.

“We continue to believe that offshore wind represents the most significant opportunity to decarbonize the electric generation footprint of New England,” Nolan said in a statement Feb. 14. “Eversource will remain an integral player in this historic shift to a clean energy generation mix by focusing on our strengths as a regulated transmission builder and operator.”

New York-based Global Infrastructure Partners manages $100 billion in assets around the world and focuses on the energy, transportation, digital, water and waste sectors. The leaders of the company, which was founded in 2006, last month agreed to sell to BlackRock Inc., the world’s largest asset manager, in a deal valued at more than $12 billion.

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