TOP STORIES

GIP buys Eversource stakes in 836MW Ørsted pair

RICHARD HEAP

February 14, 2024

Global Infrastructure Partners has agreed to pay $1.1bn for Eversource Energy’s 50% stakes in two US offshore wind projects that are 50% owned by Danish utility Ørsted.

Eversource has agreed to sell 50% stakes in the 704MW Revolution Wind project, which is currently being built and is due to be commissioned in 2025, and the 132MW South Fork Wind, where installation is due to complete this summer.

GIP’s acquisition of Eversource’s stakes is subject to approval from regulators including the US Federal Energy Regulatory Commission, and is due to conclude by the end of June 2024.

David Hardy, group executive vice president and chief executive for the Americas at Ørsted, said: “Global Infrastructure Partners is a longstanding global Ørsted partner that is committed to renewable energy development, and we’re pleased the US industry continues to attract world-class investors. With GIP as a partner, we will further realize the value of offshore wind in Rhode Island, Connecticut, and New York, creating good-paying jobs and affordable clean energy.”

Bayo Ogunlesi, chairman and chief executive at GIP, said: “This acquisition marks our fourth strategic joint venture with Ørsted, further solidifying our strong partnership with leading industry players. The South Fork Wind and Revolution Wind projects benefit from long-term off-take agreements and play a pivotal role in addressing the increasing demand for clean electricity.”

Joe Nolan, Eversource Energy’s chairman, president and chief executive, reiterated the company’s commitment to US offshore wind: “We continue to believe that offshore wind represents the most significant opportunity to decarbonize the electric generation footprint of New England.”

Read more