Ørsted takes full ownership of Sunrise offshore wind farm project (USA)

Danish energy group Ørsted has completed the acquisition of Eversource’s 50% stake in the 924 MW Sunrise Wind offshore wind farm project located off the coast of New York State, USA. The purchase price at closing for Eversource’s stake in Sunrise Wind is $152 million. At the time of signing in January 2024, the transaction was valued at $230 million, and this adjusted closing amount reflects adjustments made for lower actual versus forecasted CAPEX between signing and closing.

In June 2024, the U.S. Bureau of Ocean Energy Management (BOEM) announced approval of the Construction and Operation Plan (COP) for the Sunrise Wind project, and Ørsted made a final investment decision on the project in March 2024. The project is to have up to 84 wind turbine generators, which are expected to power more than 320,000 homes per year once operational. The project is expected to be operational in 2026. The group has signed an OREC (Offshore Wind Renewable Energy Certificates) agreement with the New York State Energy Agency (NYSERDA) at a price of $146/MWh for 25 years.

New York State has a goal of achieving zero emissions in the electricity sector by 2040, including 70% of its energy production from renewable sources by 2030 and developing 9 GW of offshore wind by 2035.