Eversource advances on sale of Sunrise Wind stake to Ørsted

US utility company Eversource Energy (NYSE:ES) said on Friday it had finalised definitive agreements to sell its 50% stake in the 924-MW Sunrise Wind offshore wind project off the US East Coast to Denmark's Ørsted A/S (CPH:ORSTED).

The deal is on track but not yet closed. It still depends on certain conditions, including execution of the OREC (Offshore Wind Renewable Energy Certificates) contract with the New York State Energy Research and Development Authority (NYSERDA).

Eversource expects to close the transaction later this year, it said.

Following the sale, Eversource will be a service provider to the Danish energy group and lead the onshore construction of the project.

In January 2024, the New England utility agreed to exit its 50/50 joint venture for Sunrise Wind with Ørsted and sell its half to the partner. The deal rested on the success of Sunrise Wind in New York's solicitation for offshore wind capacity.

The project was selected to negotiate a contract with NYSERDA at the end of February, and approved by the US Department of Interior later in March, leading to Eversource and Ørsted taking the final investment decision on Sunrise Wind.

The offshore wind farm will be located some 30 miles (48.2 km) east of Montauk, New York. It is expected to become operational in 2026.

Choose your newsletter by Renewables Now. Join for free!