Orsted has sold a 50 per cent stake in some of its recently-acquired US offshore wind projects to Eversource, a USA-based utility, strengthening an existing 50-50 partnership between the two companies.
New England-based Eversource has paid $225 million for a 50 per cent stake in two offshore wind projects with a combined capacity of around 930 MW. Orsted acquired the assets in October 2018 when it bought Deepwater Wind from D. E. Shaw Group for $510 million.
The projects sold to Eversource are the 704 MW Revolution Wind project, the 130 MW South Fork project, and two undeveloped New England lease areas known as Massachusetts North and Massachusetts South, which could potentially be developed into more than 1 GW of offshore wind capacity.
Revolution Wind will deliver power to Rhode Island (400 MW) and Connecticut (304 MW). Subject to permitting, securing power purchase agreements and final investment decisions by Ørsted and Eversource, Revolution Wind is expected to be commissioned in 2023. The Revolution Wind lease area is located approx. 15 miles south of the Rhode Island coast.
South Fork will interconnect into eastern Long Island where it will deliver power to households under a long-term power purchase agreement with the Long Island Power Authority. Subject to permitting, further development, and final investment decisions by Ørsted and Eversource, South Fork is expected to be commissioned by the end of 2022.