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Eversource Energy (NYSE:ES) revealed Tuesday its plans to divest its 50% stakes in the South Fork Wind and Revolution Wind projects off the northeast U.S. coast to Global Infrastructure Partners for approximately $1.1B in cash. This maneuver allows the company to pave its path out of the turbulent wind power industry.
Last month, Eversource (ES) announced its agreement to sell its 50% stake in a third project, Sunrise Wind, to joint venture partner Orsted.
Despite slightly missing analyst consensus, Eversource (ES) reported Q4 adjusted earnings of $0.95/share, along with a Y/Y revenue decrease of 11% to $2.69B—below the $3B analyst consensus. However, the company issued optimistic guidance for FY 2024 adjusted EPS of $4.50-$4.67, surpassing the $4.45 consensus.
Eversource stated its expectations to book a $1.95B charge for the year related to its offshore wind operations. Furthermore, the company is exploring the potential sale of its Aquarion water distribution business.
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