Ørsted divests 50% of South Fork, Revolution Wind and two New England offshore wind lease areas

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Ørsted, the global provider in offshore wind, and Eversource, New England’s largest energy company and premier electric transmission builder, announced that they have entered into a 50-50 partnership for key offshore wind assets in the Northeast.

Ørsted has today divested 50% of certain recently acquired offshore wind assets to leading New England utility Eversource for a purchase price of approx USD 225 million.

According to the agreement, Eversource is paying approximately $225 million for a 50% interest in Ørsted’s Revolution Wind and South Fork Wind Farm projects, as well as the 257-square-mile tract off the coasts of Massachusetts and Rhode Island. Ørsted acquired all three assets in November 2018 as part of its Deepwater Wind transaction.

This transaction builds upon the companies’ Bay State Wind partnership, which is a 50-50 collaboration on a separate 300-square-mile ocean tract adjacent to the Deepwater Wind area. Together, Bay State Wind and the Deepwater