Ørsted closes acquisition of Eversource’s share of Sunrise Wind

Further to our announcement from 24 January 2024, and following the successful award of Sunrise Wind in the New York 4 solicitation for offshore wind capacity, Ørsted has now completed the acquisition of Eversource’s 50% share of Sunrise Wind, a 924 MW offshore wind farm located off the coast of New York.

The purchase price at closing to acquire Eversource’s share of Sunrise Wind is USD 152 million. At signing in January 2024, the transaction was valued at USD 230 million, and this revised closing figure reflects adjustments made due to lower actual versus forecast capex spend between signing and closing.

With the closing of the transaction, Ørsted has assumed full ownership of the project, which has all federal permits in place and recently signed an OREC (Offshore Wind Renewable Energy Certificates) contract with New York’s energy agency, NYSERDA at USD 146 per MWh for 25 years. The final investment decision for the project was taken in March this year.

David Hardy, Executive Vice President and CEO of Region Americas at Ørsted, said:

“Sunrise Wind has been significantly de-risked and achieved important milestones since we agreed with Eversource to buy their share. The transaction is a value-accretive opportunity for Ørsted as we continue to develop the project.”

“As a centerpiece of New York’s clean energy economy, Sunrise Wind builds on our momentum from South Fork Wind, further expanding the local offshore wind supply chain and workforce. We thank Eversource for their years of partnership and ongoing support.”

For further information, please contact:

Media Contact
Karl-Erik Stromsta

About Ørsted
A global clean energy leader, Ørsted develops, constructs, and operates offshore and land-based wind farms, solar farms, energy storage facilities, and bioenergy plants. Ørsted was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi) and is recognized as the world’s most sustainable energy developer in the Corporate Knights Global 100 index. In the United States, the company has approximately 700 employees and a portfolio of clean energy assets and partnerships that includes offshore wind energy, land-based wind energy, solar, battery storage and e-fuels. Ørsted is a U.S. leader in offshore wind energy with approximately 3 gigawatts in development and operates both America’s first offshore wind farm, located off the coast of Block Island, and the country’s first utility-scale offshore wind farm, South Fork Wind. Ørsted has a total U.S. land-based capacity of 5 gigawatts across wind, solar, storage technologies and e-fuels. To learn more about the Ørsted U.S. business, visit us.orsted.com or follow the company on X (@OrstedUS), Instagram, and Facebook