Ørsted Makes Conditional Deal to Take Full Ownership of Sunrise Wind

After raising questions about the financial health of the U.S. offshore wind energy industry, Ørsted appears to be changing course and again taking steps to move forward with projects in its portfolio as other companies however continue to exit the sector. Ørsted announced today it has signed an agreement with Eversource to acquire full ownership of Sunrise Wind, a 924 MW offshore wind farm that would deliver power to New York. 

Eversource reported earlier in January that it was moving forward with plans to exit its investments including its 50 percent interest in Sunrise Wind, which it had planned to jointly develop with Ørsted. The companies have two joint ventures, one for the development of South Fork Wind, a project that is under construction recently reaching the halfway mark, and another JV that holds both Revolution Wind and Sunrise Wind. Eversource said it was negotiating deals for its interest and expected to record an after-tax other-than-temporary impairment charge in the range of $1.4 to $1.6 billion in the fourth quarter of 2023 on these projects.

View entirety: The Maritime Executive