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An announcement from Eversource Energy ( (ES) ) is now available.
Eversource Energy has finalized the divestiture of its offshore wind business with the sale of its 50% stakes in the South Fork and Revolution Wind projects to Global Infrastructure Partners for $745 million, a decrease from the anticipated $1.12 billion due to reduced capital spending and delays in the Revolution Wind project’s operation start date. This strategic move, which includes the earlier sale of the Sunrise Wind project, is expected to lead to an approximate $520 million net loss for Eversource in Q3 2024, but it aligns with the company’s focus on becoming a pure-play regulated utility. Despite these divestitures, Eversource retains certain tax equity investments and continues its commitment to clean energy and efficient service provision in New England.
See more data about ES stock on TipRanks’ Stock Analysis page.
