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.
Acquisition stratégique Sunrise Wind Ørsted

Partagez:

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.

ACCIONA Energía transfers the San Juan de Marcona wind farm to Luz del Sur S.A.A., a major player in Peru's energy sector, for up to USD 253 million, pending necessary regulatory approvals.
German operator Encavis AG strengthens its portfolio by acquiring two wind farms in Lower Saxony and Saxony, totalling 59 MW, in a transaction with Energiequelle GmbH, thereby expanding its renewable energy assets.
Ocergy officially launches an industrial project aiming to install by 2028 a new-generation floating wind turbine of over 15 MW, in partnership with EnBW, Kyuden Mirai, and TEPCO Renewable Power.
Inaugurated on 20 June, the five-turbine plant of wpd onshore France feeds 18 MW into the grid and unlocks new tax revenue for four Côtes-d’Armor municipalities.
Statkraft refocuses investments on flexible Nordic hydropower and reduces commitments in offshore wind and hydrogen to lower operating costs, amid an uncertain economic environment and pressured profitability.
Suzlon Group receives third consecutive order from AMPIN Energy Transition to supply 170.1 MW of wind turbines for a project in India's Andhra Pradesh state, strengthening their strategic industrial partnership.
The Muir Mhòr floating wind project secures Aberdeenshire's onshore consent, paving the way for the potential production of one gigawatt of electricity, enough to power up to 1.2 million British homes by the early 2030s.
Iberdrola España and Renfe conclude a virtual power purchase agreement for 370 GWh per year for ten years, strengthening the use of renewable energy in Spanish railway transport.
TotalEnergies has been awarded a concession in the North Sea enabling the development of a 1GW offshore wind project, reinforcing its strategic presence in Germany.
With an annual increase of 14%, global offshore wind capacity now reaches 85.2 gigawatts, driven mainly by China, the United Kingdom, and Germany, while another 27.3 gigawatts are currently under construction.
Seabed exploration begins in Jammerland Bay to validate the placement of sixteen turbines and the cable corridor, the first tangible step before construction of the project led by TotalEnergies and European Energy.
RWE and Østermark Entreprenørforretning celebrate advanced construction of the operational building for Denmark's largest offshore wind farm, promising up to 60 permanent local jobs by 2026.
RWE and Amazon Web Services enter a strategic collaboration to supply renewable energy for data centres and accelerate digital capabilities within the global energy sector.
SSE Renewables inaugurated its first wind farm in Southern Europe in Chaintrix-Bierges and Vélye, with eight Siemens Gamesa turbines and an investment exceeding €30mn ($32.3mn).
The Astenn Avel consortium, led by Elicio and Q ENERGY, brings in VALOREM to bid for the 500 MW floating wind project planned off the coast of Southern Brittany.
The Canada Infrastructure Bank supports the construction of the Mesgi'g Ugju's'n 2 wind farm, co-owned by Mi'gmaq communities and Innergex, through a combined equity and debt financing package.
The first turbine of the Éoliennes Flottantes du Golfe du Lion project was assembled at Port-La Nouvelle, marking a major industrial milestone for Ocean Winds and its partners.
RWE inaugurated an onshore wind farm in Plounérin and Plounévez-Moëdec, featuring four turbines with a capacity of 14.7 MW, in partnership with the local SEM Lannion-Trégor.
The Moulins wind farm, made up of five turbines, was inaugurated on June 6 across three municipalities in the Douaisis region. It will generate €70,000 in annual tax revenue for local authorities.
Chinese firm SANY Renewable Energy enters Serbia through a 168 MW wind deal aimed at powering the local grid from 2028.