Danish energy company Orsted has inked an agreement with Eversource Energy to acquire complete ownership of the Sunrise Wind offshore wind farm in the United States. The acquisition involves Orsted obtaining Eversource's 50% stake in the 924 MW project, which is poised to supply power to New York. Financial details of the transaction, finalized on Wednesday, were not disclosed.
Orsted, recognized as the world's largest offshore wind developer, took a pause in the development of two U.S. offshore wind projects last year, citing impairments exceeding $5 billion. The acquisition of Eversource's stake in Sunrise Wind aligns with Orsted's commitment to advancing its offshore wind initiatives in the U.S.
The completion of this acquisition is contingent on the ongoing New York 4 solicitation for offshore wind capacity and the subsequent contract signing with the New York State Energy Research and Development Authority (NYSERDA), according to Orsted. The existing 50-50 joint venture for Sunrise Wind will persist if approval is not secured.
Assuming a successful outcome in the New York 4 solicitation, Sunrise Wind is anticipated to be operational by 2026, with final federal permits anticipated this summer, as reported by Orsted. In the event of provisional project awards, negotiations for a new contract with NYSERDA will be undertaken.
This development, however, is stated to have no impact on Orsted's earlier financial forecast for the year 2023. Meanwhile, Eversource revealed its intention to divest its 50% ownership stake in three wind projects operated jointly with Orsted earlier this month.
