M&A
confidence high
sentiment neutral
materiality 0.75
Eversource closes $625M offshore lease sale to Ørsted; enters tax equity deal for South Fork Wind
EVERSOURCE ENERGY
- Closed sale of ~175,000-acre offshore lease area to Ørsted for $625M all-cash; initial $575M received at closing.
- Executed Tax Equity Capital Contribution Agreement for South Fork Wind; Eversource to contribute ~$545M for tax equity member interest.
- Eversource expects ~$273M distribution from South Fork Wind project before its commercial operations date (late 2023).
- Remaining $50M from lease sale payable upon certain tax equity events, expected by end of Q3 2023.
- Continues process to sell 50% interest in three offshore wind projects (1,758 MW total); expects to announce details soon.