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January 26, 2024

Ørsted agrees to acquire Eversource’s 50% share of Sunrise Wind project

PHOTO | WIKIMEDIA COMMONS Ørsted North America's Block Island offshore wind farm.

Danish company Ørsted has agreed to acquire utility company Eversource Energy’s 50% stake in a 924-megawatt offshore wind farm in New York, Sunrise Wind.

Eversource, based in Hartford and Boston, previously announced that it would divest its 50% ownership stake in three offshore wind projects in New York and Connecticut, including Sunrise Wind.

As a result, Eversource will take a 2023 fourth-quarter charge of up to $1.6 billion.

All three projects are joint ventures with Ørsted.

Ørsted’s acquisition of the Sunrise Wind project is contingent upon its successful award in the ongoing New York 4 solicitation, according to the announcement.

“Following a thorough risk review of our U.S. portfolio, we’re comfortable with taking full ownership of Sunrise Wind if the project is awarded in New York 4,” said David Hardy, group executive vice president and CEO of Region Americas at Ørsted. “This transaction is a value-accretive opportunity for Ørsted and the best path forward for the project.”

The 50-50 joint venture for Sunrise Wind will remain in place if it is not successful in the solicitation.

Sunrise Wind will deliver power to New York and should be completed by 2026, according to Ørsted. New York has set a goal of achieving 70% of its energy from renewable sources by 2030.

Sunrise wind is Ørsted’s third offshore wind farm off the Northeast coast. The others are South Fork, also in New York, and Revolution Wind, off the coast of Connecticut, both of which are under construction.

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