February 11, 2019

Eversource makes $225 million offshore wind play

Eversource has agreed to pay $225 million for a 50 percent interest in two Orsted offshore wind projects and 257 square miles encompassing two lease areas off the coasts of Massachusetts and Rhode Island.

The two companies announced the deal Friday, with Eversource buying into Orsted's 700-megawatt Revolution Wind project servicing Rhode Island and Connecticut and its 130-megawatt South Fork Wind Farms project servicing Long Island, New York. Orsted acquired the two projects and the lease areas in November when it acquired Deepwater Wind.

The deal also builds on a 50-50 partnership between the companies on Bay State Wind, a partnership that Orsted and Eversource announced in December 2016.

The Baker administration and utilities in May 2018 chose Vineyard Wind, a project backed by a Danish fund management company, to build an 800-megawatt offshore wind farm off the southern coast of Martha's Vineyard. The Bay State Wind project was among the projects that competed in that offshore wind derby.

"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," Eversource Executive Vice President Lee Olivier said in a statement. "This transaction solidifies our partnership as the strongest developer of offshore wind in the Northeast and is consistent with Eversource's efforts to be a key catalyst for clean energy development in our region."

Eversource transmits and delivers electricity and natural gas and supplies water to 4 million customers in Connecticut, Massachusetts and New Hampshire.

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