Eversource Energy Executes Definitive Agreement To Sell Its 50% Ownership Share In South Fork Wind And Revolution Wind To Global Infrastructure Partners
Portfolio Pulse from Benzinga Newsdesk
Eversource Energy has signed a definitive agreement to sell its 50% ownership in South Fork Wind and Revolution Wind to Global Infrastructure Partners. The deal will provide Eversource with approximately $1.1 billion in cash proceeds upon closing and allows it to exit these projects, albeit with some retained cost-sharing obligations for Revolution Wind's construction.
February 13, 2024 | 10:46 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Eversource Energy is selling its 50% stake in two wind projects to Global Infrastructure Partners, expecting to receive about $1.1 billion in cash proceeds.
The sale of these assets is significant for Eversource Energy as it not only provides a substantial cash inflow but also strategically allows the company to reallocate resources and potentially reduce exposure to the risks associated with these specific projects. The cash proceeds could be used for debt reduction, reinvestment in other projects, or returned to shareholders, all of which could positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90