Orsted has completed the acquisition of Eversource’s 50% share of the 924MW Sunrise Wind offshore wind farm off the US coast of New York.
The move comes after the Danish developer’s announcement from 24 January 2024, and follows the successful award of Sunrise Wind in the New York 4 solicitation for offshore wind capacity.
The purchase price at closing was $152m. At signing in January 2024, the transaction was valued at $230m, 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 deal, Orsted has assumed full ownership of the project, which has all federal permits in place and recently signed an OREC contract with New York’s energy agency, NYSERDA at $146 per MWh for 25 years.
The final investment decision for the project was taken in March this year.
“Sunrise Wind has been significantly de-risked and achieved important milestones since we agreed with Eversource to buy their share,” said executive vice president and chief executive of region Americas at Orsted David Hardy.
He added: “The transaction is a value-accretive opportunity for Orsted as we continue to develop the project.”
“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.”