Eversource Energy has finalized an agreement to sell its 50% ownership in the 924-megawatt Sunrise Wind project to Ørsted, Eversource said on April 19.
Eversource said it will provide service to Ørsted and remain contracted, under a separate construction management agreement, to lead the onshore construction of Sunrise following the closing of the transaction, which is expected for later this year.
Sunrise will aim to reduce carbon emissions and advance the future of clean energy, according to Eversource President and CEO Joe Nolan.
“We’re proud of the work we have already accomplished for Sunrise Wind and look forward to assisting Ørsted and the State of New York in advancing this important clean energy project through our continued onshore support,” Nolan said.
The agreement was previously announced Jan. 24 contingent on the wind project’s “successful” award in the most recent offshore wind renewable energy certificates request for proposals issued by New York’s energy agency, Eversource said.
Eversource will not have any ongoing ownership interest in the project, nor any ongoing financial obligations associated with project costs.
Goldman Sachs acted as financial adviser for the transaction and Ropes & Gray LLP serves as legal counsel.
Recommended Reading
Tech Trends: QYSEA’s Artificially Intelligent Underwater Additions
2024-02-13 - Using their AI underwater image filtering algorithm, the QYSEA AI Diver Tracking allows the FIFISH ROV to identify a diver's movements and conducts real-time automatic analysis.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
Exclusive: Silixa’s Distributed Fiber Optics Solutions for E&Ps
2024-03-19 - Todd Chuckry, business development manager for Silixa, highlights the company's DScover and Carina platforms to help oil and gas operators fully understand their fiber optics treatments from start to finish in this Hart Energy Exclusive.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.
Cyber-informed Engineering Can Fortify OT Security
2024-03-12 - Ransomware is still a top threat in cybersecurity even as hacktivist attacks trend up, and the oil and gas sector must address both to maintain operational security.