Skyborn joins Orsted in South Fork and Revolution US offshore wind partnership
BlackRock-owned infrastructure investor ramps up sector portfolio with acquisition of Eversource stakes in New England and New York-bound projects
Orsted announced Monday that New York City-based Global Infrastructure Partners (GIP) has joined as new partner in the South Fork and Revolution offshore wind arrays following closing of GIP's acquisition of Eversource Energy’s 50% project stakes.
“We’re excited for our new partnership with Global Infrastructure Partners and Skyborn on South Fork Wind and Revolution Wind, two projects that are historic as well as central to America’s energy priorities,” said David Hardy, CEO Americas at Orsted.
“GIP is a trusted and longstanding global Orsted partner and brings world-class experience to the US offshore wind industry,” Hardy added.
GIP now joins Orsted on two of the nation’s most advanced arrays.
Construction of the 132MW South Fork array to New York was completed earlier this year and the project is already sending power to the grid. Orsted announced the installation of the first turbine at its 704MW Revolution split between Connecticut and Rhode Island, with completion expected in 2025.
“Orsted’s leadership and innovation in the renewable energy sector makes them an ideal partner, and we are proud to build upon our successful track record together,” said Salim Samaha, partner and global head of energy at GIP.
Orsted will “run the projects and manage the assets on behalf of the joint venture,” a company representative confirmed, adding: “Functionally speaking, our state partners and other stakeholders will see no difference in how we do business or advance the projects.”
GIP and Orsted have collaborated on offshore wind projects in Europe in the past, including GIP's acquisition of a 50% stake in the Dane's 1.2GW Hornsea array to the UK in 2018.
Despite the exit, Eversource remains as a contractor on the ongoing onshore construction scope for Revolution Wind, and a tax equity investor in South Fork Wind.
GIP's acquisition was announced last February, following Eversource’s long search for a buyer of its project stakes, including the 920MW Sunrise project to New York.
Orsted is reviving its fortunes following the more than $4bn impairment hit it took over cancellation or withdrawal of over 3GW of US capacity last year.