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Sunrise Wind is projected to finish by 2026, pending OREC negotiations, standard state and federal approvals, and Ørsted’s final investment decision, anticipated in Q2 2024. Ørsted will assume full ownership of Sunrise Wind from its current 50/50 joint venture partner Eversource, pending the signing of the OREC agreement, execution of long-form acquisition agreements with Eversource, COP approval, and relevant regulatory clearances.
The design for Sunrise Wind has been comprehensively reviewed and approved by relevant state agencies. Additionally, the project has successfully finalized all significant supplier and project labor agreements. The issuance of final federal permits is anticipated this summer.
Ørsted is establishing an offshore wind cluster along the US Northeast coast, featuring South Fork Wind (130 MW under construction), Revolution Wind (704 MW under construction), and Sunrise Wind (924 MW). This initiative encompasses port assets, a skilled workforce, and supply chain partnerships. The northeast hub holds strategic importance for ongoing and future projects, aiding Ørsted in differentiation and risk mitigation for potential bids and endeavors.
David Hardy, Executive Vice President and CEO of Region Americas at Ørsted, said:
“New York 4 is testament to Governor Hochul’s leadership on clean energy and the state’s ability to respond nimbly to the unprecedented macroeconomic developments that fundamentally changed the economics of the first wave of US offshore wind projects and threatened the state’s transition to clean energy. With today’s award at a bid price level reflecting the current component and financing costs, Sunrise Wind is well positioned to deliver clean energy to New York.
“We’re proud to be New York’s offshore wind leader. Soon, we’ll complete the construction of South Fork Wind, the state’s first offshore wind farm, and with Sunrise Wind, we’ll deliver further economic benefits and local jobs to the state, while helping New York achieve its goal of reaching 70 % renewable energy by 2030.”, he further added.
