Eversource Energy on Tuesday agreed to sell its 50% ownership share in South Fork Wind and Revolution Wind to Global Infrastructure Partners.
Eversource said the deal covers its share of the 132-megawatt South Fork Wind project and the 704-megawatt Revolution Wind project. Ørsted’s 50% stake isn’t affected, Eversource said.
Eversource expects to realize about $1.1 billion of cash proceeds upon closing, adding it would exit the projects but retain certain cost-sharing obligations for the construction of Revolution Wind. Eversource will also maintain a previously announced tax equity investment in South Fork Wind, it said.
Eversource expects to enter a separate construction management agreement as a contractor to Revolution Wind, the company said.