Eversource Energy has opted to sell its 50% stake in the 132-megawatt South Fork Wind and the 704-megawatt Revolution Wind offshore wind projects to Global Infrastructure Partners (GIP) for around $1.1bn. Commercial operation of Revolution Wind is expected in 2025 and since South Fork Wind is expected to enter service before the transaction closes, Eversource’s financial ties to the latter project, other than as a tax equity partner, are expected to largely be resolved at closing. Eversource plans to use the proceeds from this sale to repay parent debt. Closing of the transaction is expected to occur in mid-2024. Ørsted’s 50% ownership interests in the two projects are not affected by the transaction. 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. According to Eversource, the two transactions form a pathway for the company to fully exit its offshore wind investments. Last month, Eversource reached an agreement to sell its 50% interest in the 924-megawatt Sunrise Wind project to Ørsted, contingent on the successful award of the NYSERDA Offshore Wind Renewable Energy Credits Agreement request for proposal and other conditions. Also, the company sold a 50% interest in approximately 175,000 developable but uncommitted offshore acres to Ørsted for $625m. That transaction closed in September last year. “We are pleased to announce our acquisition of a 50% stake in two significant offshore wind projects from Eversource. This acquisition marks our fourth strategic joint venture with Ørsted,” said Bayo Ogunlesi, GIP chairman and CEO. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsUnited States