Ørsted completes acquisition of Eversource’s share of Sunrise Wind

By: Chloe Emanuel

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10/07/2024 Orsted

Ørsted A/S has finalised the acquisition of Eversource’s 50% share in the Sunrise Wind offshore wind farm, a 924 MW project located off the coast of New York. This follows the successful award of Sunrise Wind in New York's solicitation for offshore wind capacity.

The deal closed at a purchase price of USD 152 million, adjusted from an initial valuation of USD 230 million at the signing in January 2024, reflecting lower-than-expected capital expenditure.

With the transaction complete, Ørsted now holds full ownership of Sunrise Wind. The project has secured all necessary federal permits and has signed a 25-year offshore wind renewable energy certificates (OREC) contract with the New York State Energy Research and Development Authority (NYSERDA) at USD 146 per MWh. The final investment decision was made in March 2024.

David Hardy, Ørsted’s EVP and CEO of Region Americas, 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.”
He added, “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.”

This acquisition marks a significant step in Ørsted’s expansion in the U.S. offshore wind market.

For more information about offshore wind farm projects across the globe, click here.

About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

01502 307037 Chloe.Emanuel@tgs.com
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