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Eversource sells its stake in the Sunrise Wind project to Ørsted

Eversource Energy finalizes the sale of its 50% stake in the Sunrise Wind offshore wind project in Ørsted, while continuing to manage onshore construction.
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Eversource Energy announced today that it has finalized the definitive documents regarding its previously announced agreement to sell its 50% stake in the 924-megawatt Sunrise Wind project in Ørsted. Eversource will remain involved in the project as a service provider, in charge of onshore construction, without retaining any proprietary interest or ongoing financial obligations linked to project costs.

Eversource’s ongoing role in the Sunrise Wind project

Joe Nolan, CEO and President of Eversource Energy, said, “We’re proud of the work already done for Sunrise Wind and look forward to continuing to help Ørsted and New York State move this clean energy project forward with our ongoing ground support.” Eversource will continue to contribute its transmission expertise to facilitate the development of this important renewable resource for the region.

Economic and environmental impacts of the Sunrise Wind project

The Sunrise Wind project is expected to bring significant investment and employment opportunities to New York, not least for the local union that will build the project’s terrestrial transmission system. It will also help reduce carbon emissions and promote a clean energy future in New York State.

Background to the agreement and regulatory approvals

The sale of Eversource’s share in Sunrise Wind was conditional on several factors, including the project’s successful award in the latest Offshore Wind Renewable Energy Certificate Request for Proposals (ORECRFP23-1) issued by New York’s energy agency, NYSERDA. The project was selected by the State of New York in February 2024 to enter into contract negotiations with NYSERDA. The transaction is expected to close later this year, subject to customary conditions, including execution of a contract with NYSERDA and the necessary regulatory approvals.

With this transaction, Eversource Energy is adapting its role in the development of Sunrise Wind, focusing on technical expertise while divesting its stake, reflecting an adaptive strategy in the renewable energy sector.

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