Orsted has completed its acquisition of Eversource's 50% stake in the Sunrise Wind offshore wind farm, located off the coast of New York in the United States. The transaction, initially announced on January 24, 2024, has been finalized following Orsted's successful bid for Sunrise Wind in the New York 4 solicitation for offshore wind capacity.
The purchase, valued at $152 million at closing, represents a revised figure from the previously announced $230 million. This adjustment reflects lower actual capital expenditure compared to initial forecasts between the signing and closing dates.
With this acquisition, Orsted now holds full ownership of the project, which has secured all necessary federal permits and recently entered into a 25-year OREC (Offshore Renewable Energy Certificate) contract with New York State Energy Research and Development Authority (NYSERDA) at a rate of $146 per MWh.
David Hardy, Executive Vice President and Chief Executive of Orsted Americas, highlighted the project's progress: “Sunrise Wind has significantly reduced risks and achieved critical milestones since our agreement with Eversource. This transaction enhances Orsted's portfolio value as we advance the development of the project.”
He further emphasized Sunrise Wind's role in New York's renewable energy strategy, noting its contribution to expanding the local offshore wind supply chain and workforce, building on the success of the South Fork Wind project.
