Danish renewable energy developer Ørsted has bought Eversource’s 50% stake in the 924 MW Sunrise Wind offshore wind farm set to deliver power to New York.
The acquisition is subject to the successful award of Sunrise Wind in the ongoing New York 4 solicitation for offshore wind capacity, signing of an Offshore Wind Renewable Energy Certificates contract with New York’s energy agency, entry into long-form acquisition agreements, receipt of construction and operations plan, and relevant regulatory approvals.
If Sunrise Wind is unsuccessful in the solicitation, the existing contract for Sunrise Wind will be cancelled, and Ørsted’s and Eversource’s 50/50 joint venture for the project will remain in place. In that scenario, the joint venture will evaluate its next steps. If the project is provisionally awarded, a new contract will be negotiated with the state’s energy agency under the updated terms of the current solicitation.
As the most mature offshore wind project in New York’s pipeline, Sunrise Wind is, if awarded in the New York 4 solicitation, expected to be completed in 2026, pushing New York closer to its 70% renewable energy by 2030 goal.
The Sunrise Wind design has been reviewed and accepted by all relevant state agencies, and the project has secured all major supplier and project labour agreements to start construction shortly after the award. Final federal permits are expected this summer.
“Following a thorough risk review of our US portfolio, we’re comfortable taking full ownership of Sunrise Wind if the project is awarded in New York 4. Sunrise Wind will be our third offshore wind farm off the northeast coast, following South Fork and Revolution Wind, which are already under construction,” said David Hardy, EVP and CEO of region Americas at Ørsted.
