Global Infrastructure Partners has acquired a 50 percent ownership share in South Fork Wind and Revolution Wind from Eversource Energy (NYSE: ES).
The agreement covers Eversource’s 50 percent share in the 132-megawatt South Fork Wind project and the 704-megawatt Revolution Wind project. Ørsted’s 50 percent ownership interests are not affected by the deal. 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.
“We continue to believe that offshore wind represents the most significant opportunity to decarbonize the electric generation footprint of New England,” states Joe Nolan, Eversource Energy chairman, president, and CEO. “Eversource will remain an integral player in this historic shift to a clean energy generation mix by focusing on our strengths as a regulated transmission builder and operator and bringing the benefits of these investments to our customers.”
Eversource has engaged Goldman Sachs as its financial advisor to assist with the transactions and Ropes
& Gray LLP serves as its legal counsel.