Oct. 1—Eversource Energy on Monday announced it had completed the sale of its 50% stake in two offshore wind projects being marshaled at State Pier in New London, formally ending its foray into the offshore wind industry.

The $745 million sale of Eversource's stake in 132-megawatt South Fork Wind and 704-megawatt Revolution Wind to New York-based Global Infrastructure Partners was what Eversource President and CEO Joe Nolan, in a statement, called a milestone in the company's "commitment as a pure-play regulated pipes and wires utility that delivers superior service and value to our customers."

Massachusetts-based Eversource is suffering major losses with the sale. Eversource had predicted the sale of its stake in Revolution Wind and South Fork Wind to be $1.12 billion, $375 million more than the final sale price. Eversource said in a statement the lower revenue from the sale was in part due to recently announced delay in the start of operations of Revolution Wind.

In total, Eversource said it expects to incur an aggregate net loss of $520 million in the third quarter of 2024 due to its divestiture in the offshore wind industry, it said in a statement.

Eversource had partnered with Danish company Ørsted on both projects and had contributed to the $310 million reconstruction of State Pier into a staging and assembly area for offshore wind projects. Ørsted is currently leasing the pier.

Eversource announced more than a year ago it planned to withdraw from the offshore wind business to concentrate on its core utility business. It previously sold to Ørsted its stake in the yet-to-be built Sunrise Wind project in New York and an undeveloped wind lease area off the New England coast.

Ørsted had since taken full ownership of what had been a 50-50 partnership with Eversource at State Pier in New London, along with the Port of Providence, the Port of Davisville and Quonset Point in Rhode Island.

Eversource remains a contractor in the onshore construction associated with Revolution Wind, which is being built off the coast of Rhode Island, and a tax investor with South Fork Wind.

Ørsted, following Eversource's announcement, issued a statement calling the new partnership Skyborn Renewables, which is owned by Global Infrastructure Partners, a reaffirmation of its commitment to the buildout of the offshore wind industry in the U.S.

"We're excited for our new partnership with Global Infrastructure Partners and Skyborn on South Fork Wind and Revolution Wind, two projects that are historic as well as central to America's energy priorities," David Hardy, Group EVP and CEO Americas at Ørsted, said in a statement.

State Pier, which is owned by the Connecticut Port Authority, is expected to see activity associated with the offshore wind industry over the next several years despite the state's recent decision not to join its neighbors Rhode Island and Massachusetts in bidding on a new project.

Following the completion of Revolution Wind, State Pier is expected to host components from Sunrise Wind, a 924-megawatt wind farm 30 miles east of Montauk. With 84 turbines, it will be Ørsted's largest project to date.

Eric Dussault, the Maritime Development Manager for the Connecticut Port Authority, said in a statement, "New London State Pier continues to operate at full capacity in support of Revolution Wind and in the future Sunrise Wind as previously planned."

"Orsted will continue to be a valued partner with the CPA with their lease agreement in place through May 2033," Dussault said. "We look forward to continuing to support Orsted's assembly and marshaling of offshore wind components in New London."

g.smith@theday.com

Editor's note: This story was updated to include comments from the Connecticut Port Authority.