Eversource Energy, Ørsted finalize agreement for offshore Sunrise Wind project

Published on April 23, 2024 by Chris Galford

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After finalizing an arrangement with Ørsted, Eversource Energy recently announced that it will sell its 50 percent ownership stake in the 924 MW Sunrise Wind project.

Sunrise Wind is an offshore project meant to help power New England. Now, while Eversource will remain contracted to lead its construction, Ørsted will be the majority owner in the project and assume financial obligations for its project costs. Their deal was contingent on Sunrise successfully netting the most recent offshore wind renewable energy certificates requested from the New York State Energy Research and Development Authority (NYSERDA).

In February, the project was subsequently selected to advance contract negotiations with NYSERDA.

“We’re proud of the work we have already accomplished for Sunrise Wind and look forward to assisting Ørsted and the State of New York in advancing this important clean energy project through our continued onshore support,” Joe Nolan, CEO and president of Eversource Energy, said. “Sunrise Wind will bring considerable new investment and job opportunities to New York, especially for the local union slated to build the project’s onshore transmission system, while also helping to reduce carbon emissions and advance a clean energy future. We look forward to our continued role as a leading transmission expert to help enable the continued development of this important renewable resource for our region.”

The transaction should close later this year, subject to conditions such as the execution of a contract with NYSERDA and various regulatory approvals. Even with the sale, Eversource Energy will remain New England’s largest energy delivery system.