Ørsted and Eversource Win Bid for Updated Sunrise Wind Project in New York

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New York State has selected Ørsted and Eversource to negotiate a new 25-year contract for their Sunrise Wind offshore wind farm.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, February 29, 2024
Information
Tags: 
Other Energy, Environment, Utilities, Sustainability, Alternative Energy, Energy, Eversource Energy, Acquisition, Economic development, New Yorker, Capital region, Investment, Wind, Sunrise, Port of Coeymans, Kathy Hochul, Workforce, Development, Renewable energy
Geotags: 
UNITED STATES, NORTH AMERICA, NEW YORK, AMERICAS
⚠ generated by AI ↴
Organisation: 
ØRSTED AND EVERSOURCE, ØRSTED, EVERSOURCE
Stock Symbol: 
NYSE:ES
Summary
Key Points: 
  • New York State has selected Ørsted and Eversource to negotiate a new 25-year contract for their Sunrise Wind offshore wind farm.
  • We’re excited to get shovels in the ground and begin the full scope of onshore construction.”
    Joint venture partners Ørsted and Eversource submitted a new proposal for Sunrise Wind in response to New York’s latest offshore wind solicitation, re-bidding an updated project.
  • 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.
  • Sunrise Wind has earned broad bipartisan support across New York from local elected officials and business, community, labor and environmental organizations.


New York State has selected Ørsted and Eversource to negotiate a new 25-year contract for their Sunrise Wind offshore wind farm. This conditional award brings the 924-megawatt project one critical step closer to fulfilling its promise to deliver substantial economic benefits across New York and help the state meet its climate goals.

NYSERDA President and CEO Doreen M. Harris said, “As we reset New York's offshore wind portfolio, we continue to evolve and strengthen the private-public partnerships that will keep us on a path to crystalizing one of the most ambitious offshore wind goals in the nation. NYSERDA looks forward to Sunrise Wind delivering clean power to our grid in the near term while helping our local communities realize the family-sustaining jobs, private investment, and public health benefits that offshore wind can bring to millions of New Yorkers."

Sunrise Wind will now begin the next steps of finalizing agreements with New York’s energy agency, New York State Energy Research and Development Authority (NYSERDA), on the OREC (Offshore Wind Renewable Energy Certificates) contract. The project is anticipated to be operational in 2026 and will begin the full scope of construction once it has received all federal permits, slated for this summer. The final investment decision on Sunrise Wind is expected to be made in the second quarter of 2024.

“With the selection of Sunrise Wind, New York’s offshore wind story is set to enter a new chapter of large-scale job creation and economic development, and we thank Governor Hochul and her administration for their continued leadership,” said David Hardy, Group EVP and CEO Americas at Ørsted. “We’re ready to build on the foundation we’ve laid with New York’s first offshore wind project, South Fork Wind, while delivering significantly more jobs, local supply chain and community investments, and renewable power for New Yorkers.”

“We’re grateful for the Hochul Administration’s support of the state’s offshore wind industry and their selection of our updated Sunrise Wind project,” said Eversource Energy Chairman, President and Chief Executive Officer Joe Nolan. “Sunrise Wind is another major step forward for our shared clean energy future and will deliver significant new investments to New York State, including the creation of hundreds of local union jobs building the project’s onshore transmission system. We’re excited to get shovels in the ground and begin the full scope of onshore construction.”

Joint venture partners Ørsted and Eversource submitted a new proposal for Sunrise Wind in response to New York’s latest offshore wind solicitation, re-bidding an updated project. 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.

Sunrise Wind has earned broad bipartisan support across New York from local elected officials and business, community, labor and environmental organizations.

With this successful re-bid, Ørsted will acquire Eversource’s 50 percent ownership share in Sunrise Wind, becoming the sole owner of Sunrise Wind, subject to signing of an OREC contract with NYSERDA, finalization of acquisition agreements, receipt of the federal construction and operations plan, and relevant regulatory approvals. Eversource will remain contracted to lead the project’s onshore construction.

Sunrise Wind’s Community Investments

Sunrise Wind is making significant investments in the state’s offshore wind workforce and supply chain, including:

About Ørsted

A global clean energy leader, Ørsted develops, constructs, and operates offshore and land-based wind farms, solar farms, energy storage facilities, and bioenergy plants. Ørsted was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi) and is recognized as the world’s most sustainable energy developer in the Corporate Knights Global 100 index.

In the United States, the company has approximately 700 employees and a portfolio of clean energy assets and partnerships that includes offshore wind energy, land-based wind energy, solar, battery storage and e-fuels. Ørsted is a U.S. leader in offshore wind energy with approximately 3 gigawatts in development and operates America’s first offshore wind farm, located off the coast of Block Island. Ørsted has a total U.S. land-based capacity of 5 gigawatts across wind, solar, storage technologies and e-fuels. To learn more about the Ørsted U.S. business, visit us.orsted.com or follow the company on X (@OrstedUS), Instagram, and Facebook.

About Eversource

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2024 and recognized as a Five-Year Champion, appearing in every edition of the list. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,900 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on X, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

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