Eversource takes first step to get out of wind farm development with sale

Eversource Energy took its first steps Thursday to getting out of the wind farm development business, selling its 50 percent ownership stake in a 175,000 acre site located 25 miles off the southern coast of Massachusetts. The company sold its ownership stake for $625 million to its joint venture partner, the wind farm developer Orsted, Eversoujrce officials said. The two companies are currently equal partners in that project, which is under construction 35 miles east of Montauk Point on Long Island and is scheduled to begin operating this fall, producing enough electricity to power 70,000 average homes. Revolution Wind will be located 15 miles south of the Rhode Island coast and 32 miles southeast of the Connecticut coast when it begins operating in 2025. Of the 704 megawatts of electricity that Revolution Wind will produce when it begins operating, 304 megawatts will be used to power Connecticut homes and businesses, with the remainder going to Rhode Island. Eversource expects to announce the buyer of its ownership stake in all three projects by the end of June, company officials said.


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