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Ørsted to sell 50% stake in 830MW US offshore wind projects to Eversource POST Online Media

Ørsted to sell 50% stake in 830MW US offshore wind projects to Eversource

Staff Writer | Monday February 11, 2019 11:17AM ET
Ørsted
Europe   Ørsted and Eversource have been partners

Ørsted has divested 50% of certain recently acquired offshore wind assets to leading New England utility Eversource for a purchase price of approx USD 225 million.


Since 2016, Ørsted and Eversource have been partners in the Massachusetts Bay State Wind offshore wind project and Ørsted further strengthens thei strategic 50-50 partnership in the North-East.

The divestment to Eversource includes the following New England offshore wind projects:

Revolution Wind (704MW) which will deliver power to Rhode Island (400MW) and Connecticut (304MW). Subject to permitting, securing power purchase agreements and final investment decisions by Ørsted and Eversource, Revolution Wind is expected to be commissioned in 2023. The Revolution Wind lease area is located approx. 15 miles south of the Rhode Island coast.

South Fork (approx 130MW): Located 35 miles east of Long Island, South Fork will interconnect into eastern Long Island where it will deliver power to households under a long-term power purchase agreement with the Long Island Power Authority. Subject to permitting, further development, and final investment decisions by Ørsted and Eversource, South Fork is expected to be commissioned by the end of 2022.

Two undeveloped New England lease areas, Massachusetts North and Massachusetts South, which can potentially be developed into significantly above 1GW offshore wind capacity.

 

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