AI English summary of an SEC filing — figures as filed
Eversource Energy ESEversource said it completed the sale of its 50% interest in South Fork Wind and Revolution Wind to affiliates of Global Infrastructure Partners on September 30, 2024 132-megawatt 704-megawatt. Adjusted gross proceeds were $745 million.
Key points
AI summaryEversource said it completed the sale of its 50% interest in South Fork Wind and Revolution Wind to affiliates of Global Infrastructure Partners on September 30, 2024 132-megawatt 704-megawatt. Adjusted gross proceeds were $745 million.
The company said adjusted gross proceeds were reduced by $375 million from the previous estimated purchase price of about $1.12 billion. It attributed the reduction to lower capital spending of about $150 million between announcing the deal and closing, and a decrease of about $225 million, including the delay in the commercial operations date of Revolution Wind.
Eversource expects to record an aggregate net loss of about $520 million on the completion of its offshore wind divestiture in Q3 2024, including a final gain of $370 million on the sale of Sunrise Wind, the company said. It expects to recognize a liability of about $360 million within that loss, with the majority to be settled in 2026.
The company cited the following as components of the net loss: about $225 million related to non-construction costs, higher Revolution Wind construction costs of about $350 million, and post-closing adjustments of about $315 million. It said it is maintaining its existing equity issuance plan of up to $1.3 billion.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Eversource Completes Sale of 50% Stakes in South Fork Wind and Revolution Wind
Eversource said it completed the sale of its 50% interest in South Fork Wind and Revolution Wind to affiliates of Global Infrastructure Partners on September 30, 2024 132-megawatt 704-megawatt. Adjusted gross proceeds were $745 million.
Source · Based on the filing body and exhibits
Sale Proceeds Down About $375 million From Expected Price
The company said adjusted gross proceeds were reduced by $375 million from the previous estimated purchase price of about $1.12 billion. It attributed the reduction to lower capital spending of about $150 million between announcing the deal and closing, and a decrease of about $225 million, including the delay in the commercial operations date of Revolution Wind.
Source · Based on the filing body and exhibits
Offshore Wind Sale Expected to Yield Net Loss of About $520 million in Q3 2024
Eversource expects to record an aggregate net loss of about $520 million on the completion of its offshore wind divestiture in Q3 2024, including a final gain of $370 million on the sale of Sunrise Wind, the company said. It expects to recognize a liability of about $360 million within that loss, with the majority to be settled in 2026.
Source · Based on the filing body and exhibits
Net Loss Components Listed; Up to $1.3 billion Equity Plan Maintained
The company cited the following as components of the net loss: about $225 million related to non-construction costs, higher Revolution Wind construction costs of about $350 million, and post-closing adjustments of about $315 million. It said it is maintaining its existing equity issuance plan of up to $1.3 billion.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…