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

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

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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.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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