New England’s Eversource Takes $225 Million Stake in Orsted Wind
In a sign of a maturing domestic offshore wind industry, Eversource, New England’s largest energy company, has acquired a 50-percent interest in two of the Danish energy giant Orsted’s proposed installations, including the 15-turbine South Fork Wind Farm, which is to be constructed approximately 35 miles off Montauk.
According to a statement issued on Friday, Eversource will pay approximately $225 million for a 50-percent stake in Orsted's South Fork Wind Farm and also its Revolution Wind projects, the latter to deliver power to Connecticut and Rhode Island, as well as a 257-square-mile federal lease area off the coasts of Massachusetts and Rhode Island in which they are to be situated.
The deal builds upon Bay State Wind, the two companies' existing partnership in a separate 300-square-mile tract adjacent to the federal lease area originally won by Deepwater Wind. Together, the companies say that the lease sites they jointly own could generate 4,000 megawatts of electricity.
The companies will mutually manage permit requirements for their projects and have pledged to honor planned local investments and agreements entered prior to the partnership.
Revolution Wind is a planned 700-megawatt wind farm to be sited approximately 15 miles south of Rhode Island. Orsted and Eversource aim for it to go online in 2023.
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