Ørsted Strengthens Its Presence in the Offshore Wind Energy Market with the Acquisition of 100% of Sunrise Wind

Written by Paulo Nogueira

Published on 25/01/2024 at 04:40

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Ørsted Acquires 100% of Sunrise Wind, An Offshore Wind Farm Under Construction in New York State.

Ørsted has signed an agreement with Eversource to purchase half of Eversource’s stake in Sunrise Wind, a 924 MW offshore wind farm that would supply electricity to New York.

The transaction is dependent on the successful awarding of Sunrise Wind in the ongoing New York 4 offshore wind capacity solicitation, the signing of an Offshore Renewable Energy Certificates (OREC) contract with the New York state energy agency, NYSERDA, finalization of procurement agreements, receipt of the construction and operations plan, and relevant regulatory approvals.

Ørsted Evaluates Its Next Steps If Sunrise Wind Is Not Successful in the Solicitation

If Sunrise Wind is not successful in the solicitation, the existing OREC contract for Sunrise Wind will be canceled in accordance with state requirements, and the 50/50 joint venture of Ørsted and Eversource for Sunrise Wind will remain in effect. In this scenario, the joint venture will evaluate its next steps. If the project is provisionally awarded, a new contract will be negotiated with NYSERDA under the updated terms of the current solicitation.

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Ørsted Forecasts Completion of Sunrise Wind Project by 2026, Helping New York Achieve Its Renewable Energy Goals

As the most mature offshore wind project in New York’s pipeline, Sunrise Wind is anticipated to be completed in 2026 if awarded in the New York 4 solicitation, helping New York meet its goal of reaching 70% renewable energy by 2030.

Ørsted Secures Regulatory Approvals for Sunrise Wind Project and Begins Construction

The Sunrise Wind project has been reviewed and accepted by all relevant state agencies, and the project ensured that all major suppliers and labor contracts were ready to start construction immediately after the awarding. Final federal permits are expected this summer.

Ørsted Analyzes Value-Added Opportunity for Sunrise Wind Project in New York 4

David Hardy, Executive Vice President of the group and CEO of Ørsted’s Americas region, states: ‘Following a comprehensive risk analysis of our portfolio in the U.S., we are comfortable taking full ownership of Sunrise Wind if the project is awarded in New York 4. This transaction is a value-added opportunity for Ørsted and the best way forward for the project.

Ørsted Highlights the Strategic Importance of the Northeast Region for Sunrise Wind Project and Future Solicitations

‘Sunrise Wind will be our third offshore wind farm off the Northeast coast, following South Fork and Revolution Wind, which are already under construction. The Northeast is a growing priority for Ørsted, including these projects, port assets, a trained workforce, and supply chain partners. We are building an offshore wind hub that will be strategic for Sunrise Wind if awarded, as well as for future solicitations in the region, helping us differentiate and reduce the risk of potential bids and future projects.’

Offshore Wind Activity

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Ørsted Strengthens Its Presence in the Offshore Wind Energy Market with the Acquisition of 100% of Sunrise Wind

Ørsted Acquires 100% of Sunrise Wind, An Offshore Wind Farm Under Construction in New York State.

Ørsted Evaluates Its Next Steps If Sunrise Wind Is Not Successful in the Solicitation

Ørsted Forecasts Completion of Sunrise Wind Project by 2026, Helping New York Achieve Its Renewable Energy Goals

Ørsted Secures Regulatory Approvals for Sunrise Wind Project and Begins Construction

Ørsted Analyzes Value-Added Opportunity for Sunrise Wind Project in New York 4

Ørsted Highlights the Strategic Importance of the Northeast Region for Sunrise Wind Project and Future Solicitations

Offshore Wind Activity

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Ørsted Strengthens Its Presence in the Offshore Wind Energy Market with the Acquisition of 100% of Sunrise Wind

Ørsted Acquires 100% of Sunrise Wind, An Offshore Wind Farm Under Construction in New York State.

Ørsted Evaluates Its Next Steps If Sunrise Wind Is Not Successful in the Solicitation

Ørsted Forecasts Completion of Sunrise Wind Project by 2026, Helping New York Achieve Its Renewable Energy Goals

Ørsted Secures Regulatory Approvals for Sunrise Wind Project and Begins Construction

Ørsted Analyzes Value-Added Opportunity for Sunrise Wind Project in New York 4

Ørsted Highlights the Strategic Importance of the Northeast Region for Sunrise Wind Project and Future Solicitations

Offshore Wind Activity

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At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

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