Eversource Energy, a utility operator in the US, has finalised the sale of its 50% stake in the 924MW Sunrise Wind project to Danish offshore wind developer Ørsted.
The agreement was initially announced in January this year. It is set to conclude later this year, subject to receipt of regulatory approvals and the finalisation of a contract with the New York State Energy Research and Development Authority (NYSERDA).
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Despite the stake sale, Eversource will maintain its presence in the Sunrise Wind project by leading the onshore construction under a separate contract.
As a service provider post-sale, the company will not hold any ownership interest or bear financial responsibilities related to the project’s costs.
Eversource Energy CEO and president Joe Nolan said: “We are 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.
“Sunrise Wind will bring considerable new investment and job opportunities to New York, especially for the local union slated to build the project’s onshore transmission system, while also helping to reduce carbon emissions and advance a clean energy future.
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By GlobalData“We look forward to our continued role as a leading transmission expert to help enable the continued development of this important renewable resource for our region.”
Last month, the US Department of the Interior’s Bureau of Ocean Energy Management (BOEM) approved the project, marking it as the nation’s seventh commercial-scale offshore wind project.
Following the approval, both Ørsted and Eversource had also reached a final investment decision on the project.
Situated 16.4 nautical miles (30km) off Martha’s Vineyard in Massachusetts and 30 miles (48km) east of Montauk Point, New York, Sunrise Wind is poised to supply electricity to 600,000 homes in New York.
Expected to be operational by 2026, the project will contribute $700m in investment to Suffolk County and create around 800 direct jobs, with thousands of indirect jobs in New York State.
In February, Eversource also concluded an agreement to divest its 50% interest in two other US offshore wind projects to Global Infrastructure Partners for $1.1bn.
This transaction included Eversource’s shares in the 704MW Revolution Wind and the 132MW South Fork Wind projects.
