Eversource Surges on Plans to Shed Water, Offshore-Wind Assets

Eversource Energy surged the most in almost four years after announcing plans to exit the offshore-wind and water businesses, moves aimed at refocusing on its core business of delivering electricity and natural gas to customers in the US Northeast. The Springfield, Massachusetts-based company announced Tuesday a deal to sell its 50% stakes in two US offshore-wind projects to Global Infrastructure Partners LP. That follows a January agreement to sell its 50% stake in a third project to its joint venture partner Orsted A/S. Eversource also said it would start the process of seeking a buyer for its Aquarion water-distribution business. Eversource will realize $1.1 billion in cash proceeds for selling the stakes in the South Fork and Revolution projects to GIP, according to a statement Tuesday. The sale is expected to close in mid-2024. That will help offset a $1.95 billion charge the company took in 2023 as the US offshore wind struggled to contend with rising costs that have prompted developers to delay or cancel projects.


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