Eversource Energy, a U.S. utility company, said Monday that it expects to incur a net loss of $520 millions on its divestment of offshore wind businesses in the third quarter.

In a press release, the company stated that the forecasted loss net includes a liability in excess of $360 millions, of which most is expected to settle in 2026.

The utility said it only received $745 million as adjusted gross proceeds for the sale of the South Fork Wind project and Revolution Wind project to Global Infrastructure Partners compared to an expected purchase price $1.12 billion.

Eversource says the lower proceeds reflect lower capital expenditure between February and September and the delay in the commercial operation date of the Revolution Wind Project.

John Moreira, the CFO of GE, said "the divestiture of our offshore wind business is not expected have a material effect on our targeted funds from operation/Debt Ratio (of 14% to 15%) by 2025." (Reporting and editing by Shailesh Kuber in Bengaluru, Vallari Srivastava)

(source: Reuters)