ERM has acted as a technical and environmental, social and governance advisor to World Infrastructure Companions (GIP) in its acquisition of Eversource’s 50% stake in U.S. offshore initiatives South Fork Wind and Revolution Wind.
South Fork Wind, a 132 MW challenge positioned 35 miles east of N.Y.’s Montauk Level, is predicted to enter service this yr. Revolution Wind is a 715 MW challenge positioned 32 miles off Connecticut’s coast with an anticipated completion subsequent yr.
ERM’s technical due diligence providers included contract evaluation and geotechnical and geophysical research, in addition to evaluation of the initiatives’ CapEx and OpEx profiles.
“ERM is proud to function a technical advisor to GIP in help of its funding,” says ERM’s Matthew Irvine. ”Our world transaction advisory staff helps traders navigate the US market utilizing the staff’s huge expertise in offshore wind transactions around the globe. This important transaction comes at a time of fast progress within the US sector with a number of offshore wind farms now beneath building. It additionally exhibits traders’ continued urge for food for offshore wind within the US market.”
