Ørsted completes acquisition of Eversource’s stake in Sunrise Wind

Ørsted A/S has completed the acquisition of Eversource’s 50% stake in the Sunrise Wind offshore wind farm, a 924 MW project located offshore New York. This follows the successful award of the New York offshore wind power tender to Sunrise Wind.

The transaction closed at a purchase price of $152 million, adjusted for an initial valuation of $230 million at the time of signing in January 2024, reflecting lower-than-expected capital expenditures.

Following the completion of the transaction, Ørsted now fully owns Sunrise Wind. The project has obtained all necessary federal permits and signed a 25-year contract for offshore wind renewable energy certificates (ORECs) with the New York State Energy Research and Development Authority (NYSERDA) at $146 per MWh. The final investment decision was made in March 2024.

David Hardy, executive vice president and general manager, Americas, Ørsted, said: “Sunrise Wind has significantly reduced risk and achieved important milestones since we agreed with Eversource to purchase their shares. The transaction is an opportunity to enhance value for Ørsted as we continue to develop the project.”
He added, “As a central part of New York’s clean energy economy, Sunrise Wind builds on our momentum with South Fork Wind, further expanding the local offshore wind supply chain and workforce. We thank Eversource for their years of partnership and continued support.”

This acquisition represents a significant step in Ørsted’s expansion into the US offshore wind market.

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