Orsted has entered into an agreement with Eversource to acquire Eversource’s 50% stake in the 924MW Sunrise Wind offshore wind farm in the United States. The completion of the acquisition is contingent upon the successful allocation of Sunrise Wind in the ongoing New York 4 solicitation for offshore wind capacity, the execution of an Offshore Wind Renewable Energy Certificate (OREC) contract with New York’s energy agency, NYSERDA, the finalization of acquisition agreements, the receipt of construction and operations plan (COP), and regulatory approvals.
Should Sunrise Wind not secure success in the solicitation, the existing OREC contract for the project will be terminated as per state regulations, and the joint venture between Ørsted and Eversource will persist with their 50/50 ownership. In such a scenario, the joint venture will assess its subsequent actions.
If the project is provisionally awarded, a new agreement will be negotiated with NYSERDA based on the revised terms of the current solicitation. Anticipated to be finalized in 2026, Sunrise Wind, as the most advanced offshore wind project in New York’s pipeline, has undergone scrutiny and approval by all relevant state agencies.
The project has also secured significant supplier and labor agreements, positioning it to commence construction shortly after receiving the award. Final federal permits are expected to be granted this summer.
Group Executive Vice President and CEO of Region Americas at Orsted, David Hardy, commented “Following a thorough risk review of our US portfolio, we’re comfortable with taking full ownership of Sunrise Wind if the project is awarded in New York 4. This transaction is a value-accretive opportunity for Orsted and the best path forward for the project.”
“Sunrise Wind will be our third offshore wind farm off the Northeast coast, following South Fork and Revolution Wind, which are already under construction.”
Chief Executive Officer and President of Eversource Energy, Joe Nolan, added “We’re proud of the work we have already accomplished for Sunrise Wind and look forward to continuing our leadership position building onshore interconnection systems for offshore wind projects in the Northeast.”
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