Ørsted aims for full stake at New York wind farm

NEW YORK CITY, January 26, 2024 – Ørsted has signed an agreement with US-based energy provider Eversource to fully acquire the Sunrise Wind project located off the coast of New York state, Denmark’s largest energy provider announced on Wednesday.

The acquisition is subject to being awarded in the New York 4 offshore wind solicitation and signing a contract with the New York State Energy Research and Development Authority.

Should the approval not be granted, the 50:50 joint venture will remain unchanged.

“Following a thorough risk review of our US portfolio, we’re comfortable with taking full ownership of Sunrise Wind if the project is awarded in New York 4,” said David Hardy, group executive vice-president and CEO of the Americas region Americas of Ørsted.

“Sunrise Wind will be our third offshore wind farm off the Northeast coast, following South Fork and Revolution Wind, which are already under construction.”

The 880-MW Sunrise Wind project located around 48 kilometres east of Montauk Point is expected to be commissioned in 2026.

In November 2023, Ørsted halted development of the Ocean Wind 1 and 2 projects in New Jersey due to impairments that reached above USD 5 billion.

Other energy players developing offshore wind projects in the USA such as energy giants BP and Equinor have also booked high impairments, citing inflation, interest rate hikes and delays on permits.

The state of New York has set a target to have 70% of its energy demand meet by renewables by 2030.

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