South Fork Wind

South Fork Wind was acquired by Ørsted as part of the USD 510 million Deepwater Wind portfolio acquisition (announced October 2018, closed November 2018). At time of acquisition, South Fork was in early development (~130 MW capacity, originally contracted with LIPA at 130 MW, later expanded to 132 MW). The USD 510 million covered the entire Deepwater Wind portfolio including Block Island (operational, 30 MW), South Fork, Revolution Wind, and other development rights; individual project value cannot be isolated. See Block Island Wind Farm record for full portfolio context. USD 510m × 0.85 (2018 rate) = EUR 434m for the entire Deepwater Wind portfolio.

Ørsted divested 50% stakes in South Fork Wind and Revolution Wind (plus two undeveloped New England offshore lease areas) to Eversource Energy for a combined consideration of approximately USD 225 million. Announced February 8, 2019. The USD 225 million consideration covered all four assets (South Fork Wind, Revolution Wind, Massachusetts North and Massachusetts South lease areas) and cannot be disaggregated on a per-project basis; individual implied project values are not calculable. The deal was part of Ørsted's strategy to de-risk and accelerate the US offshore wind market by partnering with a major US utility. Eversource and Ørsted had previously collaborated on Bay State Wind (50/50 JV on a Massachusetts-Rhode Island BOEM lease) since 2016. Post-transaction, South Fork Wind was held 50% Ørsted / 50% Eversource. USD 225m × 0.89 (2019 rate) = EUR 200m for the combined South Fork + Revolution Wind + two lease areas; individual project value not determinable.

Eversource Energy agreed in February 2024 to sell its 50% stake in South Fork Wind and Revolution Wind (combined) to Global Infrastructure Partners (GIP), through GIP's offshore wind platform Skyborn Renewables. The transaction closed September 30, 2024. The combined announced price was approximately USD 1.12 billion for both projects; actual adjusted gross proceeds received were USD 745 million, reflecting: (a) ~USD 150 million reduction due to lower capex spend between signing and closing, and (b) ~USD 225 million reduction primarily due to delays in Revolution Wind's commercial operation date. South Fork Wind reached commercial operation in March 2024 (operational at closing), while Revolution Wind was still under construction. The combined USD 745 million cannot be disaggregated between the two projects — per project implied value is not calculable. Eversource recorded a net loss of approximately USD 520 million on its total US offshore wind exit. Post-closing, GIP/Skyborn holds 50% and Ørsted retains 50% of both South Fork Wind and Revolution Wind. USD 1,120m announced / USD 745m actual × 0.93 (2024 rate) = EUR 1,042m announced / EUR 693m actual for both projects combined. USD 1.1bn (Feb 2024) for the 50% in South Fork Wind AND Revolution Wind jointly; completed 2024-09-30 for 'adjusted gross proceeds of $745 million' (reductions ~USD 150m lower capex + ~USD 225m final terms, mainly Revolution COD delay). Price still moving post-close: USD 507.7m contingent liability at 2025-09-30, Revolution adjustments complete late 2026. (USD 745m ~ EUR 671m @ 1.1106 2024-09 ECB avg.)