Orsted announced that it has completed the acquisition of Eversource Energy’s 50% share in Sunrise Wind offshore wind project. With this acquisition, Orsted is now the full owner of the 924-MW Sunrise Wind offshore wind project off the coast of New York.
The purchase, which was approved in January, was contingent on the project’s achievement in the fourth New York offshore wind solicitation.
Recently, Sunrise Wind entered into a 25-year agreement with the New York State Energy Research and Development Authority (NYSERDA) at a rate of $146 (EUR 135) per MWh.
All necessary federal permits have been obtained for the project. A final decision to invest was declared in March.
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According to the announcement, the purchase price at closing for the 505 shares of Sunrise Wind was $152 million after the price at signing, down from the signing price of USD 230 million.
This adjustment reflects lower actual capital expenditures (CAPEX) incurred between signing and closing.
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.”
He added, “As a centrepiece 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.”