By Luther Turmelle, Staff writer, Stamford Advocate

Eversource Energy took its first steps Thursday to getting out of the wind farm development business, selling its 50 percent ownership stake in a 175,000- acre site located 25 miles off the southern coast of Massachusetts.

The company sold its ownership stake for $625 million to its joint venture partner, the wind farm developer Orsted, Eversoujrce officials said. The Danish energy company currently owns the other 50 percent of the joint venture.

The deal between the two companies is expected to close by the end of the third quarter this year. Because Orsted is a Danish company, the lease sale will require the approval of the U.S. government’s Committee on Foreign Investment.

At the same time that Eversource is selling its ownership stake in the uncommitted wind farm site, the company has also signed a letter of intent with Orsted to buy tax credits that the Danish company has in the South Fork Wind project. The two companies are currently equal partners in that project, which is under construction 35 miles east of Montauk Point on Long Island and is scheduled to begin operating this fall, producing enough electricity to power 70,000 average homes.

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