Ørsted and Eversource close $625 million deal for Massachusetts offshore wind lease area

Ørsted has closed a $625 million deal to buy US utility Eversource Energy’s 50% stake in the uncontracted federal offshore wind lease area off Massachusetts that the companies previously co-owned.

The 708km2 area could host about 4GW of offshore wind capacity, the Danish renewables major believes.

The companies had announced the deal for the lease area in May.

Eversource will use a portion of the proceeds from the lease sale to fund its anticipated $545 million tax equity investment in the South Fork offshore wind farm, which it co-owns with Ørsted. This investment is expected to close in the third quarter.