Eversource to sell 50% stake in South Fork & Revolution Wind to GIP for ~$1.1B

EVERSOURCE ENERGY

~$1.1B cash proceeds at closing expected mid-2024; proceeds to repay parent debt.
132-MW South Fork Wind & 704-MW Revolution Wind; retains tax equity in South Fork, will contractor for Revolution onshore.
Shares first ~$240M of Revolution Wind cap-ex overruns equally with GIP; bears 100% of overruns above cap.
Requires FERC, NY PSC, antitrust approvals; other conditions including credit rating above BBB-/Baa3.
Separate agreement to sell 50% of Sunrise Wind to Ørsted for undisclosed amount, contingent on NY RFP award.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

EVERSOURCE ENERGY entered into Membership Interest Purchase Agreement with GIP IV Whale Fund Holdings, L.P. valued at $1.1 billion (effective 2024-02-13).

Action: entry
Agreement: asset purchase
Counterparty: GIP IV Whale Fund Holdings, L.P.
Value: $1.1 billion
Effective: 2024-02-13

Exact text from the filing

On February 13, 2024, Eversource Energy (the “Company”) and Eversource Investment LLC, an indirect subsidiary of the Company (“Eversource Investment,” and together with the Company, “Eversource”), entered into a membership interest purchase agreement (the “Purchase Agreement”) with GIP IV Whale Fund Holdings, L.P., an entity managed by an affiliate of Global Infrastructure Management, LLC and its affiliates (“Buyer”).

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EVERSOURCE ENERGY filing history →

Source: SEC EDGAR

accession 0001104659-24-022555

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