Company: CNLHP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000072741-25-000011
Chunk: 79

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 79
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abilities on the balance sheet, and were $0.9 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively.  Eversource regularly reviews performance risk under these guarantee arrangements, and believes the likelihood of payments being required under the guarantees is remote.  In the event it becomes probable that Eversource parent will be required to perform under the guarantee, the amount of probable payment will be recorded.On September 30, 2024, Eversource completed the sale of its 50 percent ownership share in the South Fork Wind and Revolution Wind projects to GIP.  Under the agreement with Global Infrastructure Partners (GIP), Eversource’s existing and certain additional credit support obligations for Revolution Wind are expected to roll off as the project completes construction.  On July 9, 2024, Eversource completed the sale of its 50 percent ownership share of Sunrise Wind to Ørsted.  Under the agreement with Ørsted, Eversource’s existing credit support obligations for Sunrise Wind were either terminated or indemnified by Ørsted as a result of the sale.  

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The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries and affiliates to external parties, and primarily relates to its previously-owned offshore wind investments:  As of March 31, 2025Company (Obligor)DescriptionMaximum Exposure(in millions)Revolution Wind, LLC and TurbineCo, LLCOffshore wind construction-related purchase agreements with third-party contractors (1)$268.9 Eversource Investment LLC, Eversource Investment Service Company LLC and South Fork Class B Member, LLCOffshore wind funding and indemnification obligations  (2)276.8 Eversource Investment LLCLetters of Credit (3)4.3 Eversource TEI LLCSouth Fork Wind Tax Equity (4)50.0 South Fork Wind, LLCPower Purchase Agreement Security (5)7.1 Various Eversource subsidiariesSurety bonds (6)34.1 (1)    Eversource parent issued guarantees on behalf of its previously 50 percent-owned affiliate, Revolution Wind, LLC, and on behalf of TurbineCo, LLC (successor in interest to North East Offshore, LLC (NEO)), under which Eversource parent agreed to guarantee each entity’s performance of obligations under certain construction-related purchase agreements with third-party contractors, in an