February 8, 2019

Eversource pays $225M for stake in offshore wind farm

Photo | Vineyard Wind via Twitter
Photo | Vineyard Wind via Twitter
Graphic | Eversource

Eversource Energy has committed $225 million for half ownership of an offshore wind project operated by global energy producer ěrsted just south of Martha's Vineyard, the companies announced Friday.

The collaboration gives Eversource, which is co-headquartered in Hartford and Boston, a major stake in ěrsted's Revolution Wind and South Fork Wind Farm projects in addition to the 257-square-mile tract off the coasts of Massachusetts and Rhode Island.

The Eversource-ěrsted partnership comes eight months after the Revolution Wind project scored a state energy contract in 2018 to generate 200 megawatts of electricity.

Revolution Wind's 700-megawatt wind farm, about 15 miles south of the Rhode Island coast, will deliver power to the Ocean State and Connecticut. It's expected to cut carbon dioxide emissions by millions of tons a year, generating power for more than 400,000 homes.

The 130-megawatt South Fork Wind Farm, located 35 miles east of Long Island, will interconnect into eastern Long Island where it will deliver power under a long-term power contact. The wind farm is expected to be the largest renewable energy source on Long Island.

This is not the first collaboration between Eversource, New England's largest energy company, and Denmark-based ěrsted.

Eversource and ěrsted, which acquired Revolution Wind's developer, Deepwater Wind, in October for $510 million, previously forged a partnership for Bay State Wind's "Constitution Wind Connecticut" project, which aims to build a 200-megawatt wind farm 65 miles off the coast of New London.

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