Ørsted strengthens its position in wind power with the acquisition of Sunrise Wind

Ørsted acquires 100% of Sunrise Wind, a 924 MW offshore wind project off the coast of New York, for 152 million USD. This strategic transaction consolidates our presence in the U.S. wind energy sector.

Share:

Acquisition stratégique Sunrise Wind Ørsted

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Ørsted, world leader in offshore wind energy, recently completed the acquisition of the remaining 50% of Sunrise Wind held by Eversource. The 924 MW project, located off the coast of New York, represents a strategic investment for the Danish company. Initially announced for January 2024, the acquisition was completed for USD 152 million, adjusted from the initial valuation of USD 230 million due to lower-than-expected CAPEX expenditure.
With this acquisition, Ørsted assumes full ownership of Sunrise Wind, which has obtained all the necessary federal permits. In addition, the project recently signed an OREC (offshore wind renewable energy certificates) contract with New York’s energy agency, NYSERDA, fixing the price at 146 USD per MWh for a 25-year period. The final investment decision for the project was made in March 2024, consolidating Ørsted’s commitment to the development of offshore wind energy.

Economic and industrial outlook

David Hardy, Executive Vice President and CEO of the Americas region at Ørsted, emphasized the importance of this transaction: “Sunrise Wind has been significantly de-risked and has reached significant milestones since our agreement with Eversource. This transaction is an opportunity to create value for Ørsted as we continue to develop the project.”
The acquisition of Sunrise Wind also strengthens Ørsted’s momentum in New York’s clean energy economy. Building on the success of South Fork Wind, the project contributes to the expansion of the local supply chain and workforce in the offshore wind energy sector. Ørsted expresses its gratitude to Eversource for their long-standing partnership and ongoing support.

Impact on the offshore wind market

This acquisition is part of a broader trend of consolidation and expansion of renewable energy projects by major players in the sector. Full ownership of Sunrise Wind enables Ørsted to maximize synergies and optimize project management, while contributing to New York’s ambitious energy transition goals. The offshore wind market continues to grow, and projects such as Sunrise Wind play a crucial role in this development.
Ørsted’s commitment to Sunrise Wind is also a strong signal to investors and stakeholders in the energy sector, demonstrating the viability and profitability of large-scale renewable energy projects. The conclusion of this transaction shows how financial adjustments based on accurate CAPEX valuations can positively influence the finalization of agreements in this dynamic field.

Reflecting on the future of offshore wind power

The success of Sunrise Wind could serve as a model for similar projects in the future, where collaboration between strategic partners and rigorous cost management play decisive roles. Ørsted’s experience in managing large-scale offshore wind projects could be used to optimize other projects under development, strengthening the company’s position as an industry leader.
Ørsted’s acquisition of Sunrise Wind marks a significant step in the expansion of offshore wind energy in the United States. This project not only represents a technical and financial breakthrough for Ørsted, but also an important step towards achieving New York’s energy transition goals. With projects like Sunrise Wind, the future of offshore wind power looks bright, both in terms of production capacity and sustainable development.

CWP Europe formalised two major projects in Albania and Montenegro with backing from the European Commission, reinforcing the Balkans’ integration into the European energy market.
Elawan Energy secured two wind power projects totalling 92MW in Romania through a long-term public contract, strengthening its presence in the region with operations scheduled to begin in 2028.
A study conducted in the Gulf of Lion highlights the risk of collisions between migratory birds and floating wind turbine blades, as the region prepares to host 19 additional turbines by 2031.
Taaleri Energia’s SolarWind III Fund partners with Lords LB Asset Management to develop a 112 MW onshore wind project in Smiltene, scheduled for commissioning in early 2027.
The Dinawan Wind Farm project, first phase of a 1.3 GW energy hub, was selected in the fourth tender round of the Capacity Investment Scheme launched by the Australian Government.
RWE has completed construction of the Kail wind farm, comprising three turbines totalling 12.9 MW, marking its first commissioning in Rhineland-Palatinate.
Ignitis Group has officially submitted its bid to develop a 700 MW offshore wind project in the Baltic Sea, under a Lithuanian state-supported tender scheme.
Ignitis Renewables acquires the remaining stake from Ocean Winds in the Curonian Nord project, securing full ownership of this strategic development in the Baltic Sea.
Chinese manufacturer Ming Yang plans to build the UK’s largest wind turbine facility in Ardersier, with an initial £750mn investment and up to 1,500 jobs created by 2028.
German wind turbine manufacturer Nordex secured 2,170 MW in new orders between July and September, bringing its total volume to 6.7 GW over nine months.
Faria Renewables a finalisé l’acquisition de deux projets éoliens d’une capacité cumulée de 30,8 MW, consolidant son portefeuille d’actifs en Grèce et poursuivant son expansion stratégique sur le marché national.
Google has signed a power purchase agreement with Eneco to supply its Belgian data centre with wind energy from three wind farms totalling 54 MW.
Italian group Dolomiti Energia secures €200mn loan from the European Investment Bank to finance wind farms and modernise power infrastructure in two strategic regions of the country.
Wpd launches a crowdfunding campaign to support the construction of the Bréhand wind farm, aiming to raise €400,000 from residents with a fixed annual interest rate of 7%.
Danish group Orsted will cut a quarter of its workforce by 2027 and reduce its exposure to the United States, relying on a $9.4 billion recapitalisation to consolidate its development in Europe and Asia.
Developer Gwynt Glas enters development phase after signing a lease agreement with The Crown Estate, paving the way for a 1.5GW floating offshore wind project in Welsh waters.
From January 2026, the southern Polish city of Sosnowiec will power its municipal institutions entirely with renewable electricity under a public contract awarded to local provider Hekla Energy.
VSB France begins construction of its largest onshore wind project, a strategic 39.9 MW investment across two municipalities in Calvados, with commissioning scheduled for 2027.
Shell U.S. president stated that cancelling fully permitted wind projects severely undermines investor confidence in the energy sector.
TotalEnergies could bring EDF into the Centre Manche 2 offshore wind project after RWE’s planned withdrawal, strengthening the industrial and financial prospects of the two neighboring parks scheduled for 2032.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.