Eversource Energy Closes on the Sale of Sunrise Wind

BOSTON & HARTFORD, Conn.–(BUSINESS WIRE)–Eversource Energy (NYSE: ES) today announced that it has completed the sale of its 50 percent ownership share in the 924-megawatt Sunrise Wind project (Sunrise Wind) to Ørsted. Gross proceeds of the transaction are $230 million, subject to spending adjustments between signing and closing, with 50% due at closing and the remaining balance paid upon the achievement of certain construction milestones.

On January 24, 2024, Eversource Energy (Eversource) announced that it had reached an agreement to sell its 50 percent interest in Sunrise Wind to Ørsted, contingent on – among other things – the project’s successful award under the fourth New York State Energy Research and Development Authority (NYSERDA) solicitation for Offshore Wind Renewable Energy Certificates. Sunrise Wind was subsequently awarded a contract by NYSERDA, which was finalized and completed on May 31, 2024. In June 2024 the sale was approved by both the Federal Energy Regulatory Commission and the New York State Public Service Commission.

With the completion of the sale, Eversource has now divested all of its ownership interests in Sunrise Wind and will have no ongoing financial obligations associated with the project costs of Sunrise Wind.

Eversource has entered into a separate amended and restated construction management agreement with Sunrise Wind to lead the onshore construction for the project. In this role, Eversource will solely be a service provider to Sunrise Wind.

“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,” said Eversource Chairman, President and Chief Executive Officer 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 LLP served as its legal counsel.

Eversource Energy operates New England’s largest energy delivery system and serves approximately 4.4 million electric, natural gas and water utility customers in Connecticut, Massachusetts, and New Hampshire.