Eversource Energy Announces Sale of Sunrise Wind Stake to rsted, Ensures Continued Role in Construction Management

Published / Modified Apr 20 2024
CSIMarket Team / CSIMarket.com

Eversource Energy (NYSE: ES) has successfully concluded the definitive agreement with rsted to sell its 50 percent ownership stake in the highly anticipated 924-megawatt Sunrise Wind project. This landmark transaction reinforces Eversource's commitment to renewable energy while enabling them to retain an integral role in the project's construction phase.

Factual Summary:
In a recent announcement, Eversource Energy confirmed the execution of definitive documents pertaining to the sale of its ownership stake in the Sunrise Wind project. As part of the agreement, Eversource will assume the role of construction manager for the onshore construction aspect of the project, ensuring continuity and leveraging its expertise in overseeing the development of renewable energy facilities.

Key Details:
Sunrise Wind Stake Sale:
Eversource Energy has successfully finalized the sale of its 50 percent ownership stake in the Sunrise Wind project to rsted, a global leader in offshore wind development. This transaction demonstrates Eversource's strategic focus on collaborating with industry experts to drive renewable energy growth.

Construction Management Agreement:
While divesting its stake, Eversource is set to remain actively involved in the Sunrise Wind project through a separate construction management agreement. This agreement solidifies Eversource's role as a service provider, with responsibilities spanning onshore construction oversight, ensuring adherence to project timelines, and maintaining quality control.

Commitment to Renewable Energy:
By divesting its ownership stake, Eversource underscores its dedication to the renewable energy sector and ongoing efforts to support the adoption of clean, sustainable power sources. The Sunrise Wind project, with its substantial generation capacity, is expected to make a significant impact in strengthening the region's renewable energy portfolio.


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