M&A Deal Summary

Ørsted and Eversource Energy Acquire Ørsted - South Fork Revolution Wind and two New England offshore wind lease areas

On January 1, 2016, Ørsted and Eversource Energy acquired renewable energy company Ørsted - South Fork Revolution Wind and two New England offshore wind lease areas

Acquisition Highlights
  • This is Ørsted’s 1st and Eversource Energy’s 1st transaction in the Renewable Energy sector.
  • This is Ørsted’s 1st and Eversource Energy’s 3rd transaction in the United States.
  • This is Ørsted’s 1st and Eversource Energy’s 2nd transaction in Massachusetts.

M&A Deal Summary
Date 2016-01-01
Target Ørsted - South Fork Revolution Wind and two New England offshore wind lease areas
Sector Renewable Energy
Buyer(s) Ørsted
Eversource Energy
Deal Type Add-on Acquisition

Target

Ørsted - South Fork Revolution Wind and two New England offshore wind lease areas

Massachusetts, United States
Ørsted - South Fork, Revolution Wind, and two New England offshore wind lease areas include the following New England offshore wind projects: Revolution Wind (704MW) which will deliver power to Rhode Island (400MW) and Connecticut (304MW). The Revolution Wind lease area is located approx. 15 miles south of the Rhode Island coast. South Fork (approx 130MW): Located 35 miles east of Long Island, South Fork will interconnect into eastern Long Island where it will deliver power to households under a long-term power purchase agreement with the Long Island Power Authority. Two undeveloped New England lease areas, Massachusetts North and Massachusetts South, which can potentially be developed into significantly above 1GW offshore wind capacity.

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Buyer(S) 2

Buyer

Ørsted

Fredericia, Denmark
Category Company
Founded 2006
Sector Renewable Energy
DESCRIPTION

Ørsted is a developer of offshore wind farms, Ørsted has installed 5.1 GW offshore wind capacity in Europe and has a further 3.8 GW under construction. It is Ørsted’s ambition to have installed a total offshore wind capacity of 11-12 GW worldwide by 2025. Ørsted entered the U.S. in 2015 and sees the U.S. renewables market as an attractive, strategic growth opportunity. Ørsted holds the right to develop Bay State Wind and Ocean Wind, in total up to 4 GW of potential offshore wind capacity.

DEAL STATS #
Overall 1 of 4
Sector (Renewable Energy) 1 of 4
Type (Add-on Acquisition) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 1 of 4
Year (2016) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-09 Lincoln Clean Energy

Chicago, Illinois, United States

Lincoln Clean Energy LLC is a U.S.-based developer, owner and operator of wind farms. LCE has developed over 1.8 GW of renewable power projects in California, New Jersey and Texas. In 2017, LCE was the largest non-utility wind developer in the U.S

Buy $580M
Buyer

Eversource Energy

Springfield, Massachusetts, United States
Category Company
Sector Utilities
Employees10,000
Revenue 11.9B USD (2023)
DESCRIPTION

Eversource Energy operates new england's utility system serving more than 3.6 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire. Eversource Energy is headquartered in Springfield, Massachusetts.

DEAL STATS #
Overall 3 of 5
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (Massachusetts) 2 of 3
Country (United States) 3 of 5
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-13 E.S. Boulos Company

Westbrook, Maine, United States

E.S. Boulos Company, Inc. is a provider of construction capabilities for the electric utility sector, including substation, transmission and distribution construction.

Sell $11M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-02 Aquarion Water

Monroe, Connecticut, United States

Aquarion Water Co., Inc. is a public water supply company for more than 625,000 people in 51 cities and towns throughout Connecticut, as well as serving customers in Massachusetts and New Hampshire. It is the largest investor-owned water utility in New England and among the seven largest in the U.S. Based in Bridgeport, Conn.

Buy $1.7B
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