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
Seadrill Sells Three Jackups for $338MM to Gulf Drilling International
2024-05-17 - Seadrill Ltd. is also selling its 50% equity interest in the joint venture that operates the rigs offshore Qatar.
Could Crescent, SilverBow Buy More in South Texas After $2.1B Deal?
2024-05-17 - The combination of Crescent Energy and SilverBow Resources will yield one of the Eagle Ford’s top producers—and the pro forma E&P could look to gobble up more acreage in South Texas after closing.
Permian Powerhouse: Apache Doubles Down on Core Assets After Callon Acquisition
2024-05-16 - Apache CEO John Christmann detailed plans for the Permian Basin and Suriname during the SUPER DUG Conference & Expo.
Crescent Energy to Buy Eagle Ford’s SilverBow for $2.1 Billion
2024-05-16 - Crescent Energy’s acquisition of SilverBow Resources will create the second largest Eagle Ford Shale E&P with production of about 250,000 boe/d, the companies said.
Diamondback’s Van’t Hof Plays Coy on Potential Delaware Divestiture
2024-05-16 - Diamondback Energy’s President and CFO Kaes Van't Hof also addressed new Permian exploration and the lack of “fun” dealing with the FTC on its deal to buy Endeavor Energy Resources.