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Eversource Energy (NYSE:ES) said Tuesday it agreed to sell its 50% stakes in the South Fork Wind and Revolution Wind projects off the northeast U.S. coast to Global Infrastructure Partners for ~$1.1B in cash, allowing it to move closer to its goal of exiting the struggling wind power industry.
The deal follows Eversource’s (ES) agreement announced last month to sell its 50% stake in a third project, Sunrise Wind, to joint venture partner Orsted.
Eversource (ES) also reported Q4 adjusted earnings of $0.95/share, slightly below analyst consensus, while revenues fell 11% Y/Y to $2.69B, below the $3B analyst consensus, but issued upside guidance for FY 2024 adjusted EPS of $4.50-$4.67, above $4.45 consensus.
The company said it expects to take a $1.95B charge for the year related to its offshore wind operations, and said it is exploring the potential sale of its Aquarion water distribution business.