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    Ørsted assumes complete control of Sunrise Wind

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    Ørsted has finalized the acquisition of Eversource’s 50% stake in the 924MW Sunrise Wind offshore wind farm located off the coast of New York. This follows Ørsted’s announcement on January 24, 2024, and comes after Sunrise Wind’s successful bid in New York’s 4th solicitation for offshore wind capacity.

     

    The purchase price at closing was $152 million, a decrease from the $230 million valuation at signing in January 2024, due to lower-than-expected Capex expenditures. With the deal closed, Ørsted now fully owns the project, which has all federal permits and an OREC contract with NYSERDA at $146 per MWh for 25 years. The final investment decision for Sunrise Wind was made in March this year.

     

    David Hardy, executive vice president and chief executive of region Americas at Ørsted, commented, “Sunrise Wind has been significantly de-risked and achieved important milestones since we agreed with Eversource to buy their share. The transaction is a value-accretive opportunity for Ørsted as we continue to develop the project.”

     

    “As a centrepiece of New York’s clean energy economy, Sunrise Wind builds on our momentum from South Fork Wind, further expanding the local offshore wind supply chain and workforce. We thank Eversource for their years of partnership and ongoing support.”

     

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