Posted on April 24, 2024
Eversource Energy (NYSE: ES) today announced it has finalized definitive documents regarding its previously announced agreement to sell its 50 percent ownership stake in the 924-megawatt Sunrise Wind project to Ørsted.
Eversource will remain contracted, under a separate construction management agreement, to lead the onshore construction of the Sunrise Wind project following the closing. In this role, Eversource will be a service provider to Ørsted and will not have any ongoing ownership interest in the project, nor any ongoing financial obligations associated with project costs.
“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,” said Joe Nolan, Chief Executive Officer and President of Eversource Energy. “Sunrise Wind will bring considerable new investment and job opportunities to New York, especially for the local union slated to build the project’s onshore transmission system, while also helping to reduce carbon emissions and advance a clean energy future. We look forward to our continued role as a leading transmission expert to help enable the continued development of this important renewable resource for our region.”
On January 24, 2024, Eversource announced that it had reached an agreement to sell its 50 percent interest in Sunrise Wind to Ørsted, contingent on, among other things, the project’s successful award in the most recent offshore wind renewable energy certificates request for proposals (ORECRFP23-1) issued by New York’s energy agency, NYSERDA (New York State Energy Research and Development Authority). Sunrise Wind was subsequently selected by New York State in February 2024 to move forward with contract negotiations with NYSERDA.
The transaction is expected to close later this year and is subject to certain conditions, including execution of a contract with NYSERDA and customary regulatory approvals.
Eversource has engaged Goldman Sachs as its financial advisor to assist with the transactions and Ropes & Gray LLP serves as its legal counsel.
Eversource Energy operates New England’s largest energy delivery system and serves approximately 4.4 million electric, natural gas and water utility customers in Connecticut, Massachusetts and New Hampshire.
