Orsted to take full ownership of Sunrise offshore wind project if it wins in New York
Danish offshore wind champion says tender win would see it acquire 50% of 924MW project from local peer Eversource
Orsted has signed an agreement to acquire the 50% of Sunrise Wind farm it doesn’t already own if the 924MW offshore project were to be successful in the ongoing New York 4 tender for capacity.
If Sunrise Wind is not successful in the solicitation, the existing OREC (Offshore Wind Renewable Energy Certificates) contract with New York’s energy agency (NYSERDA) will be cancelled per the state’s requirements, and the Danish utility’s 50/50 joint venture with its local peer Eversource will remain in place.
Orsted expects Sunrise Wind to be completed in 2026 if awarded in the tendering round.
“Following a thorough risk review of our US portfolio, we’re comfortable with taking full ownership of Sunrise Wind if the project is awarded in New York 4,” Orsted Americas CEO David Hardy said.
“This transaction is a value-accretive opportunity for Orsted and the best path forward for the project.”
'Future offshore wind hub'
“Sunrise Wind will be our third offshore wind farm off the northeast coast, following South Fork and Revolution Wind, which are already under construction,” Hardy said, pointing to the importance of offshore wind in the US Northeast for his company.
“The Northeast is an increasing priority for Orsted, including these projects, port assets, a trained workforce, and supply chain partners.
“We’re building a future offshore wind hub that is strategic for Sunrise Wind, if awarded, as well as for upcoming solicitations in the region, helping us to differentiate and de-risk potential future bids and projects.”
Orsted added that the design for the project has been reviewed and accepted by all relevant state agencies, while it also has secured all major supplier and project labour agreements to kick-start construction after an award at tender. Final federal permits are expected this summer.
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