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S&P revises Eversource outlook to negative on offshore wind investment

S&P Global Ratings revised its outlook on Eversource Energy and its rated subsidiaries to negative from stable following the New England utility's move to acquire a 50% stake in two offshore wind farms and two undeveloped lease areas in the region from Ørsted A/S.

Under the approximately $225 million deal, Eversource Energy acquired the interest in the 704-MW Revolution Wind Offshore and Deepwater Offshore Wind Energy Center (South Fork Wind Farm) projects and the undeveloped Massachusetts North and Massachusetts South lease areas from the Danish company, according to S&P Global Market Intelligence data. Ørsted acquired the assets in November 2018 as part of its Deepwater Wind transaction.

"The negative outlook reflects the potential for a downgrade of one or more notches over the next 6-12 months due to the possible shift in Eversource's growth strategy toward higher-risk offshore wind generation. The negative outlook also incorporates our view that the company's financial measures may weaken below our downgrade threshold of 15%," the rating agency said in a Feb. 12 report.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found here.