Ropes & Gray represented Eversource Energy in its definitive agreement to sell its 50 percent ownership stake in the 924-megawatt Sunrise Wind project to Ørsted. The agreement was announced on April 19.
Eversource will remain contracted, under a separate construction management agreement, to lead the onshore construction of the Sunrise Wind project following the closing. In this role, Eversource will be a service provider to Ørsted and will not have any ongoing ownership interest in the project, or any ongoing financial obligations associated with project costs.
The transaction is expected to close later this year and is subject to certain conditions, including execution of a contract with New York State Energy Research and Development Authority and customary regulatory approvals.
Eversource Energy operates New England’s largest energy delivery system and serves approximately 4.4 million electric, natural gas and water utility customers in Connecticut, Massachusetts and New Hampshire.
The Ropes & Gray team was led by mergers & acquisitions partners Thomas Fraser and Marko Zatylny and mergers & acquisitions associate Kelly Finn and included tax partners Brandon Dunn and Pamela Glazier, litigation & enforcement partners Ama Adams, Dan Ward and Jonathan Klarfeld, and litigation & enforcement counsel Emerson Siegle, Joseph Rafferty and Deidre Johnson.
