Ørsted acquires 100% of Sunrise Wind, an offshore wind farm with renewable energy capacity under construction in New York State.
Ørsted reached a deal with Eversource to buy Eversource's half interest in Sunrise Wind, a 924 MW offshore wind farm that would provide electricity to New York.
The transaction is contingent upon Sunrise Wind's successful award of New York 4's ongoing solicitation for offshore wind capacity, execution of an Offshore Wind Renewable Energy Certificates (OREC) agreement with New York's energy agency, NYSERDA, completion of acquisition agreements, receipt of the construction and operations plan, and relevant regulatory approvals.
Ørsted assesses its next step if Sunrise Wind is unsuccessful in its application
If Sunrise Wind is unsuccessful in the request, the contract Existing OREC for Sunrise Wind will be canceled from agreement with the requirements of the state, and Ørsted and Eversource's 50/50 joint venture for Sunrise Wind will remain in place. 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.
Ørsted envisions completion of the Sunrise Wind project by 2026, helping New York meet its renewable energy goals
Like offshore wind project The most mature pipeline in New York, Sunrise Wind will, if granted in the New York 4 solicitation, expected to be completed in 2026, help New York achieve its arches to reach 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 has ensured that all major Providers and project labor contracts began construction shortly after award. Final federal permits are expected this summer.
Ørsted analyzes value-added opportunity for Sunrise Wind project in New York 4
David Hardy, Group Executive Vice President and CEO of Ørsted's Americas region, says: 'Following a thorough risk analysis of our Portfolio In the US, 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 path forward for the project.
Ørsted highlights the strategic importance of the Northeast region for the Sunrise Wind project and future requests
'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 a future wind farm offshore that will be strategic for Sunrise Wind, if awarded, as well as for future requests in the region, helping us to differentiate and reduce the risk of possible future tenders and projects.'
