Eversource Energy has completed the sale of its 50% ownership share in the 924 MW Sunrise Wind project to Ørsted.
Gross proceeds of the transaction are $230 million, subject to spending adjustments.
With the sale’s completion, Eversource has divested all of its ownership interests in Sunrise Wind. The company has entered into a separate amended and restated construction management agreement to lead the onshore construction for the project.
“We’re proud of the role we’ve played to advance Sunrise Wind to this point and are pleased that completing the sale of our ownership share will allow it to continue its progress,” says Eversource’s Joe Nolan.
“Offshore wind spurs economic development, job creation and emissions reductions, and we look forward to conducting our onshore work to help make this important clean energy project a reality; as well as continuing to leverage our transmission expertise to help enable the continued development of this important renewable resource for our region.”
Eversource engaged Goldman Sachs as its financial advisor to assist with the sale. Ropes & Gray served as its legal counsel.
