Eversource Energy has finalized an agreement to sell its 50% ownership in the 924-megawatt Sunrise Wind project to Ørsted, Eversource said on April 19.
Eversource said it will provide service to Ørsted and remain contracted, under a separate construction management agreement, to lead the onshore construction of Sunrise following the closing of the transaction, which is expected for later this year.
Sunrise will aim to reduce carbon emissions and advance the future of clean energy, according to Eversource President and CEO Joe Nolan.
“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,” Nolan said.
The agreement was previously announced Jan. 24 contingent on the wind project’s “successful” award in the most recent offshore wind renewable energy certificates request for proposals issued by New York’s energy agency, Eversource said.
Eversource will not have any ongoing ownership interest in the project, nor any ongoing financial obligations associated with project costs.
Goldman Sachs acted as financial adviser for the transaction and Ropes & Gray LLP serves as legal counsel.
Recommended Reading
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.
New Fortress Energy Sells Two Power Plants to Puerto Rico
2024-03-18 - New Fortress Energy sold two power plants to the Puerto Rico Electric Power Authority to provide cleaner and lower cost energy to the island.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
SilverBow Rejects Kimmeridge’s Latest Offer, ‘Sets the Record Straight’
2024-03-28 - In a letter to SilverBow shareholders, the E&P said Kimmeridge’s offer “substantially undervalues SilverBow” and that Kimmeridge’s own South Texas gas asset values are “overstated.”