Eversource Energy Announces Execution of Definitive Agreement with Ørsted to Sell Sunrise Wind

April 19, 2024 at 07:48 AM EDT

Eversource Energy (NYSE: ES) (“Eversource”) today announced it has finalized definitive documents regarding its previously announced agreement to sell its 50 percent ownership stake in the 924-megawatt Sunrise Wind project to Ørsted.

Eversource will remain contracted, under a separate construction management agreement, to lead the onshore construction of the Sunrise Wind project following the closing. In this role, Eversource will be a service provider to Ørsted and will not have any ongoing ownership interest in the project, nor any ongoing financial obligations associated with project costs.

“We’re proud of the work we have already accomplished for Sunrise Wind and look forward to assisting Ørsted and the State of New York in advancing this important clean energy project through our continued onshore support,” said Joe Nolan, Chief Executive Officer and President of Eversource Energy. “Sunrise Wind will bring considerable new investment and job opportunities to New York, especially for the local union slated to build the project’s onshore transmission system, while also helping to reduce carbon emissions and advance a clean energy future. We look forward to our continued role as a leading transmission expert to help enable the continued development of this important renewable resource for our region.”

On January 24, 2024, Eversource announced that it had reached an agreement to sell its 50 percent interest in Sunrise Wind to Ørsted, contingent on, among other things, the project’s successful award in the most recent offshore wind renewable energy certificates request for proposals (ORECRFP23-1) issued by New York’s energy agency, NYSERDA (New York State Energy Research and Development Authority). Sunrise Wind was subsequently selected by New York State in February 2024 to move forward with contract negotiations with NYSERDA.

The transaction is expected to close later this year and is subject to certain conditions, including execution of a contract with NYSERDA and customary regulatory approvals.

Eversource has engaged Goldman Sachs as its financial advisor to assist with the transactions and Ropes & Gray LLP serves as its legal counsel.

Eversource Energy operates New England’s largest energy delivery system and serves approximately 4.4 million electric, natural gas and water utility customers in Connecticut, Massachusetts and New Hampshire.

This document includes statements concerning Eversource’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events and other statements that are not historical facts, including the progress and anticipated timing for the closing of the transaction and the impacts of the Sunrise Wind project on the economy, pollution and public health. These statements are “forward-looking statements” within the meaning of U.S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: our ability to complete the transactions referred to herein and Eversource’s offshore wind investment sale process on the timeline or the terms we expect; the negotiation and finalization of a power purchase agreement with regulators with respect to the Sunrise Wind project; the ability to qualify for investment tax credits in the amounts we expect; variability in the costs and projected returns of the offshore wind projects and the risk of deterioration of market conditions in the offshore wind industry; cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by U.S. federal securities laws, Eversource undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240419043805/en/

Contacts

William Hinkle (media)

(336) 682-8799

Matthew Fallon (investors)

(617) 548-3400

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Eversource Energy Announces Execution of Definitive Agreement with Ørsted to Sell Sunrise Wind

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