Jefferies outlines Eversource liability if Revolution Wind project abandoned

After the Department of Interior issued a Director’s Order to Revolution Wind to halt all activities, Jefferies noted that Eversource (ES) has a $745M-plus liability if the project is abandoned or a liability to “make whole” GIP for 13% pre-tax IRR for delays. While the firm thinks abandonment is “unlikely at this time,” it calls the tolling of the IRR “unfortunate” and keeps an Underperform rating on Eversource Energy shares.