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US: Ørsted closes acquisition of Eversource’s share of Sunrise Wind

09 Jul 2024

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Further to the announcement from 24 January 2024, and following the successful award of Sunrise Wind in the New York 4 solicitation for offshore wind capacity, Ørsted has now completed the acquisition of Eversource’s 50% share of Sunrise Wind, a 924 MW offshore wind farm located off the coast of New York.

The purchase price at closing to acquire Eversource’s share of Sunrise Wind is USD 152 million. At signing in January 2024, the transaction was valued at USD 230 million, and this revised closing figure reflects adjustments made due to lower actual versus forecast CAPEX spend between signing and closing.

With the closing of the transaction, Ørsted has assumed full ownership of the project, which has all federal permits in place and recently signed an OREC (offshore wind renewable energy certificates) contract with New York’s energy agency, NYSERDA at USD 146 per MWh for 25 years. The final investment decision for the project was taken in March this year.

David Hardy, Executive Vice President and CEO of Region Americas at Ørsted, said: '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.'

'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.'

Original announcement link

Source: Ørsted

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