Eversource Energy agrees to sell its ownership share in South Fork Wind and Revolution Wind

  • Eversource Energy is selling its 50% ownership share in South Fork Wind and Revolution Wind
  • The deal covers the 132-megawatt South Fork Wind project and the 704-megawatt Revolution Wind project
  • Ørsted’s 50% stake in the projects is not affected
  • Eversource expects to receive $1.1 billion in cash proceeds upon closing
  • Eversource will retain certain cost-sharing obligations for the construction of Revolution Wind
  • Eversource will maintain a tax equity investment in South Fork Wind
  • Eversource will enter a separate construction management agreement as a contractor to Revolution Wind

Eversource Energy has announced that it will be selling its 50% ownership share in the South Fork Wind and Revolution Wind projects. The deal includes the 132-megawatt South Fork Wind project and the 704-megawatt Revolution Wind project. Ørsted’s 50% stake in the projects will not be affected. Upon closing, Eversource expects to receive approximately $1.1 billion in cash proceeds. While Eversource will exit the projects, it will retain certain cost-sharing obligations for the construction of Revolution Wind. Additionally, Eversource will maintain its tax equity investment in South Fork Wind. The company also plans to enter a separate construction management agreement as a contractor to Revolution Wind.

Public Companies: Eversource Energy (N/A), Global Infrastructure Partners (N/A), Ørsted (N/A)
Private Companies:
Key People:

Factuality Level: 8
Justification: The article provides factual information about Eversource Energy selling its ownership share in South Fork Wind and Revolution Wind to Global Infrastructure Partners. It includes details about the projects and the expected cash proceeds. The information is straightforward and does not contain any obvious bias or misleading information.

Noise Level: 7
Justification: The article provides information about Eversource Energy selling its ownership share in South Fork Wind and Revolution Wind projects. It mentions the cash proceeds and the company’s future involvement in the projects. However, it lacks in-depth analysis, scientific rigor, and evidence to support its claims. It also does not explore the consequences of the decision on those who bear the risks or provide actionable insights or solutions.

Financial Relevance: Yes
Financial Markets Impacted: Eversource Energy

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to a financial transaction involving Eversource Energy selling its ownership share in two wind projects. There is no mention of an extreme event.

Reported publicly: www.marketwatch.com