Orsted, Eversource submit revised proposal for Sunrise Wind in NY auction
Reuters
Published Jan 25, 2024 06:06PM ET
(Reuters) - Denmark's Orsted (CSE:ORSTED) said on Thursday it had submitted a new proposal with Eversource for Sunrise Wind in response to New York's latest offshore wind solicitation.
Sunrise Wind is a 924 MW offshore wind farm which would deliver power to New York and is expected to be completed by 2026, Orsted said.
Under the updated proposal, Orsted reached an agreement to acquire Eversource's 50% share in the Sunrise Wind project if awarded a contract in New York's fourth offshore wind solicitation
If Orsted wins the bid, it would become the sole owner of Sunrise Wind, while Eversource would lead the project's onshore construction, the Danish renewable energy firm said.
Additionally, Orsted said it would pay 50% percent of the negotiated purchase price upon closing the sales transaction, with the remaining 50% to be paid when onshore construction is completed.
The 50-50 joint venture for Sunrise Wind will remain in place if the approval is not granted.
Orsted did not provide financial details for the acquisition of Eversource's stake in Sunrise Wind.
New York State last year launched a new accelerated offshore wind solicitation in a bit to revive troubled projects and keep the state on track to meet its renewable energy goals.
The Danish wind farm developer said in a separate statement it has withdrawn from the Maryland Public Service Commission orders approving Skipjack 1 and 2 projects as they are no longer commercially viable due to high interest rates and supply chain constraints.
The company said it intends to continue advancing development for the combined project, and will reposition Skipjack Wind, a combined 966 megawatt project.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.