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
Chouest Acquires ROV Company ROVOP to Expand Subsea Capabilities
2024-05-02 - With the acquisition of ROVOP, Chouest will have a fleet of more than 100 ROVs.
SLB, OneSubsea, Subsea 7 Sign Collaboration Deal with Equinor
2024-05-02 - Work is expected to begin immediately on Equinor’s Wisting and Bay Du Nord projects.
SilverBow Makes Horseshoe Lateral in Austin Chalk
2024-05-01 - SilverBow Resources’ 8,900-foot lateral was drilled in Live Oak County at the intersection of South Texas’ oil and condensate phases. It's a first in the Chalk.
Petrobras Sending Nearly Half of Oil Exports to China
2024-04-30 - Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.
Equinor Says EQT Asset Swap Upgrades International Portfolio
2024-04-30 - Equinor CFO Torgrim Reitan says the company’s recent U.S. asset swap with EQT Corp. was an example of the European company “high-grading” its international E&P portfolio.