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October 1, 2024

Eversource completes exit from offshore wind business

DENNIS SCHROEDER / NATIONAL RENEWABLE ENERGY LABORATORY The 800 megawatt plan known as Park City Wind in Bridgeport could be in jeopardy due to inflation and high interest rates. Above, the Block Island Wind Farm, the first U.S. offshore wind farm.
By Andrew Larson

Eversource Energy, which provides electricity to most of the state, announced Monday it had completed the sale of its 50% stake in two offshore wind projects.

The Hartford and Boston-based utilities company has been planning to exit the offshore wind business for more than a year.

Eversource sold its interests in the 132-megawatt South Fork Wind project, off the coast of Long Island, and the 704-megawatt Revolution Wind project, off Rhode Island, to Global Infrastructure Partners. 

Global Infrastructure Partners, an infrastructure investment company based in New York, has an office in Stamford

Adjusted gross proceeds from the sale were $745 million, according to Eversource.

“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,” said Eversource Chairman, President and CEO Joe Nolan. “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.”

Eversource previously completed the sale of its 50% interest in another offshore wind project, Sunrise Wind, to Ørsted over the summer.

The announcement marks Eversource’s divestment of all its ownership interests in the offshore wind business. 

Eversource will maintain a previously announced tax equity investment in South Fork Wind. 

Eversource took a $1.9 billion after-tax impairment charge in 2023 related to its divestment of offshore wind, according to its annual report.

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