Eversource to Sell Interest in Uncommitted Offshore Lease Area - CapeCod.com News
Eversource to Sell Interest in Uncommitted Offshore Lease Area - CapeCod.com
HYANNIS – A review has been done by Eversource Energy of its 50 percent ownership interest in an offshore wind development site and the company has decided to sell.
The land in review is a currently uncommitted lease area of approximately 175,000 developable acres located 25 miles off the south coast of Massachusetts.
Eversource will sell the area for $625 million dollars in an all-cash transaction to Orsted.
The transaction is expected to close by the end of the third quarter of 2023 and will give Orsted complete ownership of the area as they already own the other 50 percent share of the joint venture.
Eversource has entered into a binding letter of intent with Orsted to use a portion of the proceeds from the lease area sale to provide tax equity for the South Fork Wind project.
As a condition to close, the lease sale transaction will require approval of The Committee on Foreign Investment in the United States.
Serving approximately 4.4 million electric, natural gas, and water utility customers, Eversource Energy operated New England’s largest energy delivery system.
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