Sunrise Wind Project Advances in New York's Offshore Wind Development

The New York State Energy Research and Development Authority (NYSERDA) has conditionally selected Ørsted and Eversource's Sunrise Wind project for a 25-year offshore wind renewable energy certificate (OREC) agreement. This project, with a maximum capacity of 924 MW, is set to enter negotiations, with the power price per MWh to be disclosed upon finalization of talks.

Completion of the Sunrise Wind is anticipated by 2026, pending OREC negotiations, state and federal approvals, and Ørsted’s final investment decision, expected in Q2 2024. This project has secured all significant supplier and project labor agreements, with the final federal permits expected to arrive this summer.

David Hardy, Ørsted's Executive Vice President and CEO for Region Americas, emphasized the project's alignment with New York's clean energy goals, highlighting the role of Governor Hochul's leadership and the state's response to macroeconomic developments impacting the economics of offshore wind projects. Hardy also noted Ørsted's role in supporting New York's renewable energy objectives, including the completion of South Fork Wind, the state's first offshore wind farm.

Furthermore, Ørsted plans to establish an offshore wind sector hub in the US Northeast, incorporating several projects under construction, strategic port assets, a trained workforce, and supply chain partnerships. This hub aims to support current and future projects, enhancing Ørsted's competitive edge and managing potential risks.

In addition, Ørsted announced its plans to take full ownership of Sunrise Wind, contingent upon various approvals and the completion of necessary agreements with Eversource.