Eversource Energy has bought a 26-acre portion of Constellation Energy Corp.’s Mystic property in Everett, Massachusetts.
“Eversource has not developed specific plans for the site at this time, but its strategic location, historic use, and existing infrastructure uniquely position it as a potential multi-use energy interconnection hub for large-scale renewable energy sources – including onshore or offshore wind, hydro, battery storage and nuclear among others – with the capacity to support electrification and meet the reliability needs for major energy users in the [New England] region”, Boston, Massachusetts-based Eversource said in an online statement.
“Eversource’s purchase of the Mystic property represents a unique opportunity to enhance electric grid reliability, improve affordability by addressing expected future congestion on the regional transmission system, and support local economic development”, the gas, power and water utility added.
“Eversource is committed to a thorough collaborative process engaging key stakeholders to develop a co-optimized transmission solution with collective buy-in that addresses multiple needs, including upgrades to help renewables connect more easily to the grid and solutions to help protect access to the waterway.
“These efforts will also offer a potential opportunity to train and develop the skilled workforce needed to support the growing climate tech sector”.
Eversource did not disclose the price. “The transaction will not have any immediate impacts to customer bills”, it said.
As of the third quarter Eversource had about 4.4 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire, according to its latest results report published November 4.
Earlier this year Eversource exited the offshore wind sector by selling its stakes in the 924-megawatt (MW) Sunrise Wind project, the 704-MW Revolution Wind project and the 132-MW South Fork Wind project to strengthen its balance sheet.
Eversource logged adjusted gross proceeds of $745 million from the sale of its 50 percent interest in South Fork Wind and Revolution Win to Global Infrastructure Partners, Eversource said September 30.
For Sunrise Wind, Eversource recorded $230 million in gross proceeds for the sale of its 50 percent stake to Ørsted AS, Eversource said July 9.
Despite the divestments, Eversource remains involved in the projects.
“Our equity issuance plan of up to $1.3 billion over the next several years is unchanged, and we look forward to working with Ørsted and GIP to complete the onshore construction of these projects to enable clean energy in the New England region”, Eversource executive vice president and chief financial officer John Moreira said in the September announcement.
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