Ever­source putting $225M more into wind

Boston Herald - - BIZ SMART -

Ever­source has agreed to pay $225 mil­lion for a 50 per­cent in­ter­est in two Orsted off­shore wind projects and 257 square miles en­com­pass­ing two lease ar­eas off the coasts of Mas­sachusetts and Rhode Is­land.

The two com­pa­nies an­nounced the deal Fri­day, with Ever­source buy­ing into Orsted’s 700-megawatt Revo­lu­tion Wind project ser­vic­ing Rhode Is­land and Con­necti­cut and its 130megawatt South Fork Wind Farms project ser­vic­ing Long Is­land, N.Y. Orsted ac­quired the two projects and the lease ar­eas in Novem­ber when it ac­quired Deep­wa­ter Wind.

The deal also builds on a 50-50 part­ner­ship be­tween the com­pa­nies on Bay State Wind, a part­ner­ship that Orsted and Ever­source an­nounced in De­cem­ber 2016.

The Baker ad­min­is­tra­tion and util­i­ties in May 2018 chose Vine­yard Wind, a project backed by a Dan­ish fund man­age­ment com­pany, to build an 800-megawatt off­shore wind farm off the south­ern coast of Martha’s Vine­yard. The Bay State Wind project was among the projects that com­peted in that off­shore wind derby.

“Off­shore wind will pro­vide a grow­ing and crit­i­cal source of zero-car­bon en­ergy in a re­gion with very ag­gres­sive car­bon re­duc­tion and re­new­able en­ergy goals,” Ever­source Ex­ec­u­tive Vice Pres­i­dent Lee Olivier said in a state­ment. “This trans­ac­tion so­lid­i­fies our part­ner­ship as the strong­est de­vel­oper of off­shore wind in the North­east and is con­sis­tent with Ever­source’s ef­forts to be a key cat­a­lyst for clean en­ergy devel­op­ment in our re­gion.”

Ever­source trans­mits and de­liv­ers elec­tric­ity and nat­u­ral gas and sup­plies wa­ter to 4 mil­lion cus­tomers in Con­necti­cut, Mas­sachusetts and New Hamp­shire.

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