Eversource Energy has solidified its plans to divest its 50% ownership stake in the Sunrise Wind project, a significant move in the realm of renewable energy, by sealing definitive documents with Orsted.
According to the agreement, Eversource will continue to play a crucial role in the project's onshore construction through a separate construction management agreement, serving as a service provider to Orsted without retaining any ongoing ownership interest or financial obligations associated with project costs.
Joe Nolan, CEO and President of Eversource Energy, expressed pride in the company's contributions to the Sunrise Wind project and emphasized their commitment to supporting its advancement. Nolan stated, “We are proud of the work we have already accomplished for Sunrise Wind and look forward to assisting Orsted and the State of New York in advancing this important clean energy project through our continued onshore support.”
Sunrise Wind, boasting a capacity of 924MW, is poised to bring significant investment and job opportunities to New York, furthering the state's clean energy objectives while reducing carbon emissions.
Eversource's decision to sell its stake in Sunrise Wind was announced in January and was contingent upon the project's successful award in New York's offshore wind renewable energy certificates request for proposals (ORECRFP23-1) issued by NYSERDA (New York State Energy Research and Development Authority).
Following its selection by New York State in February 2024 to proceed with contract negotiations with NYSERDA, the transaction between Eversource and Orsted is expected to close later this year, subject to certain conditions, including regulatory approvals and contract execution with NYSERDA.
Eversource has enlisted Goldman Sachs as its financial advisor and Ropes & Gray LLP as its legal counsel to facilitate the transaction. With this strategic move, Eversource reaffirms its commitment to advancing renewable energy initiatives and supporting the transition to a clean energy future.
