Orsted (ORSTED.CO) has signed an agreement with Eversource Energy (ES.N) to acquire full ownership of U.S. offshore wind farm Sunrise Wind, months after the Danish energy company halted development of some offshore wind projects in the country.
The company did not provide financial details for Wednesday's acquisition of Eversource's 50% stake in Sunrise Wind, a 924 MW offshore wind farm which would deliver power to New York.
Orsted, the world's biggest offshore wind developer, halted the development of two U.S. offshore wind projects last year and said related impairments had surged above $5 billion.
The acquisition is subject to the ongoing New York 4 solicitation for offshore wind capacity and signing of a contract with the New York State Energy Research and Development Authority (NYSERDA), the company said.
The 50-50 joint venture for Sunrise Wind will remain in place if the approval is not granted.
Sunrise Wind, if awarded in the New York 4 solicitation, is expected to be completed in 2026, with final federal permits for the project expected this summer, Orsted said.
A new contract will be negotiated with the NYSERDA if the project is provisionally awarded.
The acquisition does not impact the previous forecast for financial year 2023, Orsted said.
Eversource said earlier this month that it intends to divest its 50% ownership stake in the three wind projects it operates jointly with Orsted.
