Eversource Energy has closed the sale of an uncommitted lease area of approximately 175,000 developable acres located 25 miles off the south coast of Massachusetts to Danish offshore wind farm Ørsted for $625 million. This transaction also includes a Tax Equity Capital Contribution Agreement with Eversource providing an anticipated tax equity investment of approximately $545 million. The company expects to recover this investment primarily in the form of investment tax credits as turbines are placed in service for South Fork Wind, which is expected to commence commercial operation in late 2023.
Joe Nolan, President and Chief Executive Officer at Eversource commented on their commitment towards clean energy transition: “We are fully committed to being a catalyst for Southern New England’s clean energy transition by procuring power from offshore wind and building facilities that will enable more than 9,000 megawatts generation capacity reach homes and businesses.” The sale marks another step forward towards achieving sustainability goals set by government bodies across US states.
