The $745 million sale of Eversource’s stake in 132-megawatt South Fork Wind and 704-megawatt Revolution Wind to New York-based Global Infrastructure Partners was what Eversource President and CEO Joe Nolan, in a statement, called a milestone in the company’s “commitment as a pure-play regulated pipes and wires utility that delivers superior service and value to our customers.” Massachusetts-based Eversource is suffering major losses with the sale. In total, Eversource said it expects to incur an aggregate net loss of $520 million in the third quarter of 2024 due to its divestiture in the offshore wind industry, it said in a statement. Eversource had partnered with Danish company Ørsted on both projects and had contributed to the $310 million reconstruction of State Pier into a staging and assembly area for offshore wind projects. Ørsted is currently leasing the pier. Eversource announced more than a year ago it planned to withdraw from the offshore wind business to concentrate on its core utility business.
https://www.theday.com/local-news/20241001/eversource-officially-exits-offshore-wind-business/