Eversource to sell 50% stake in Sunrise Wind project to Orsted

Eversource announced agreement to sell its 50% ownership stake in the 924-megawatt Sunrise Wind project to Orsted. Eversource will remain contracted, under a separate construction management agreement, to lead the onshore construction of the Sunrise Wind project following the closing. In this role, Eversource will be a service provider to Orsted and will not have any ongoing ownership interest in the project, nor any ongoing financial obligations associated with project costs. On January 24, Eversource announced that it had reached an agreement to sell its 50% interest in Sunrise Wind to Orsted, contingent on, among other things, the project’s successful award in the most recent offshore wind renewable energy certificates request for proposals issued by New York’s energy agency, NYSERDA. Sunrise Wind was subsequently selected by New York State in February to move forward with contract negotiations with NYSERDA. The transaction is expected to close later this year and is subject to certain conditions, including execution of a contract with NYSERDA and customary regulatory approvals. Eversource has engaged Goldman Sachs as its financial advisor to assist with the transactions and Ropes & Gray LLP serves as its legal counsel. Eversource Energy operates New England’s largest energy delivery system and serves approximately 4.4M electric, natural gas and water utility customers in Connecticut, Massachusetts and New Hampshire.