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Ørsted has acquired Eversource’s 50% stake in the Sunrise Wind project, an impressive 924 MW offshore wind farm off the New York coast.
Key Highlights of the Acquisition
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”1″>Purchase Price: The transaction was finalized at $152 million, reflecting adjustments made due to lower actual versus forecast CAPEX spending between the signing in January 2024 and the closing.
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”2″>Full Ownership: Ørsted now holds complete ownership of the project, with all federal permits and an OREC contract with New York’s energy agency, NYSERDA, at USD 146 per MWh for the next 25 years.
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”3″>Final Investment Decision: The final investment decision for Sunrise Wind was made in March of this year.
David Hardy, Executive Vice President and CEO of Region Americas at Ørsted, shared his enthusiasm about the acquisition. He stated, “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.”
Expanding New York’s Clean Energy Economy
Sunrise Wind is set to be a key component of New York’s clean energy economy, building on Ørsted’s momentum from the South Fork Wind project. This acquisition will further enhance the local offshore wind supply chain and workforce.
“We thank Eversource for their years of partnership and ongoing support,” added Hardy, emphasizing the collaborative efforts that have led to this milestone.
Offshore Wind Projects in the US
Ørsted owns and operates America’s first offshore wind project, Block Island Wind Farm. This pioneering project replaced five diesel generators on Block Island and now powers 17,000 homes. Building on this foundation, Ørsted is committed to creating a future where offshore wind benefits communities nationwide. The projects span several states and include:
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”1″>Connecticut: Revolution Wind
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”2″>Maryland: Skipjack Wind
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”3″>New Jersey: Ocean Wind 1, Ocean Wind 2
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”4″>New York: South Fork Wind, Sunrise Wind
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”5″>Rhode Island: Revolution Wind, Block Island Wind Farm
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- Source: https://www.environmentenergyleader.com/2024/07/orsted-completes-acquisition-of-sunrise-wind-project/