Ørsted has signed an agreement with Eversource to acquire Eversource’s 50 % share of Sunrise Wind, a 924 MW offshore wind farm which would deliver power to New York.
The acquisition is subject to the successful award of Sunrise Wind in the ongoing New York 4 solicitation for offshore wind capacity, signing of an OREC (Offshore Wind Renewable Energy Certificates) contract with New York’s energy agency, NYSERDA, entry into long-form acquisition agreements, receipt of construction and operations plan (COP), and relevant regulatory approvals.
If Sunrise Wind is not successful in the solicitation, the existing OREC contract for Sunrise Wind will be cancelled per the state’s requirements, and Ørsted’s and Eversource’s 50/50 joint venture for Sunrise Wind will remain in place. In that scenario, the joint venture will evaluate its next steps. If the project is provisionally awarded, a new contract will be negotiated with NYSERDA under the updated terms of the current solicitation.
Sunrise Wind is, if awarded in the New York 4 solicitation, expected to be completed in 2026. The Sunrise Wind design has been reviewed and accepted by all relevant state agencies, and the project has secured all major supplier and project labor agreements to commence construction shortly after award. Final federal permits are expected this summer.
