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September 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Eversource pays $225M for half-stake in offshore wind developments

Eversource has announced a new 50-50 partnership with Ørsted A/S of Denmark, the developer of the Revolution Wind project that aims to bring 300MW of offshore wind power to Connecticut.

Under the terms of the partnership, Eversource, which has offices in Hartford and Boston, will pay approximately $225 million for a 50 percent interest in Revolution Wind and in the 135MW South Fork Wind Farm being developed off the Long Island coast, as well as the 257-square-mile tract off the coasts of Massachusetts and Rhode Island. The new pact expands on an earlier 50-50 partnership that the companies signed on the development rights for up to 2GW at the Bay State Wind site off the coast of Massachusetts and adjacent to the Revolution Wind site.

Last October, Ørsted bought Deepwater Wind, the original developer of the Revolution Wind project, $510 million. Earlier in 2018, Deepwater Wind successfully outbid Ørsted for the rights to introduce offshore wind power to Connecticut. Revolution Wind is also being designed to bring 400 MW of wind power to Rhode Island.

“Offshore wind will provide a growing and critical source of zero-carbon energy in a region with very aggressive carbon reduction and renewable energy goals,” said Lee Olivier, Eversource executive vice president for enterprise energy strategy and business development. “This transaction solidifies our partnership as the strongest developer of offshore wind in the Northeast.”