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Ørsted A/S (Orsted)
Sunrise Wind receives federal record of decision, takes final investment
decision
26-March-2024 / 18:22 CET/CEST
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26.3.2024 18:21:55 CET | Ørsted A/S | Investor News
Sunrise Wind today received its Record of Decision (RoD) from the US
Department of the Interior's Bureau of Ocean Energy Management (BOEM),
crossing a critical milestone in the federal environmental review process
for the offshore wind project serving New York. Additionally, Ørsted and
Eversource today announced they have jointly taken a final investment
decision on Sunrise Wind, solidifying the commitment to build the project,
and will now advance with some important onshore construction activities.
These major milestones bring the 924 MW project one critical step closer
to delivering substantial economic benefits across New York and helping
the state meet its climate goals.
Located approximately 30 miles (48 km) east of Montauk, New York, Sunrise
Wind is expected to be the country’s largest offshore wind farm upon
completion, generating enough renewable energy to power nearly 600,000 New
York homes.
Sunrise Wind will help New York achieve its mandate of 70 % renewable
energy by 2030, while accelerating the state’s growing offshore wind
workforce and supply chain. Sunrise Wind will bring USD 700 million of
investment to Suffolk County and create 800 direct jobs and thousands of
indirect jobs in the state. The project is anticipated to be operational
in 2026.
Doreen M. Harris, President and CEO at New York State Energy Research and
Development Authority (NYSERDA), said: “These milestones achieved by
Ørsted and Eversource on the heels of South Fork Wind entering full
operation demonstrate New York’s leadership in building the US offshore
wind industry with Sunrise Wind and future projects on their way to
generating clean wind energy to power the grid. As the onshore supply
chain work moves forward, we’ll continue to see the economic investments
in communities from the Capital Region to Long Island come to fruition in
the form of good-paying jobs and community benefits that are a critical
part of our clean energy transition.”
New York State recently selected Sunrise Wind to negotiate a 25-year
contract to provide reliable green energy to the state. The project is
finalising agreements with New York’s energy agency, New York State Energy
Research and Development Authority (NYSERDA), on this offshore wind
renewable energy certificates (OREC) contract.
David Hardy, Executive Vice President and CEO of Region Americas at
Ørsted, said: "New York is already home to the trailblazing South Fork
Wind project, and with Sunrise Wind we’ll build on that foundation,
broadening the economic benefits of offshore wind while delivering far
more clean renewable power. With the federal Record of Decision in hand
and our final investment decision having been made, we can continue to
create hundreds of local union jobs and stand up a vibrant supply chain.
We thank the Biden Administration, our state partners, and the
congressional delegation for their continued leadership to advance this
important project.”
Joe Nolan, Chairman, President, and Chief Executive Officer of Eversource
Energy, said: “We’re poised and ready to start constructing the
transmission system to connect Sunrise Wind’s clean power to the New York
electric grid. It’s a momentous infrastructure project, to be built by
local contractors and the men and women of New York’s building trades and
other labour unions. We promised to put New Yorkers to work building the
energy of the future, and now we’re ready to deliver on that promise.”
BOEM's issuance of the Record of Decision formally concludes its National
Environmental Policy Act review process and precedes the anticipated
approval of Sunrise Wind's construction and operations plan (COP),
expected this summer.
As previously announced, Ørsted has agreed to acquire Eversource’s 50 %
ownership share of Sunrise Wind, becoming the project’s sole owner,
subject to signing of an OREC contract with NYSERDA, finalisation of
acquisition agreements, COP approval, and other relevant regulatory
approvals. Eversource will remain contracted to lead the project’s onshore
construction.
For further information, please contact:
Global Media Relations
Tom Christiansen
+45 99 55 60 17
1 tomlc@orsted.com
Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
2 IR@orsted.com
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted
develops, constructs, and operates offshore and onshore wind farms, solar
farms, energy storage facilities, renewable hydrogen and green fuels
facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate
Change A List as a global leader on climate action and was the first
energy company in the world to have its science-based net-zero emissions
target validated by the Science Based Targets initiative (SBTi).
Headquartered in Denmark, Ørsted employs approx. 8,900 people. Ørsted's
shares are listed on Nasdaq Copenhagen (Orsted). In 2023, the group's
revenue was DKK 79.3 billion (EUR 10.6 billion). Visit 3 orsted.com or
follow us on 4 Facebook, 5 LinkedIn, Instagram, and 6 X.
Attachments
• 7 Sunrise Wind.pdf
News Source: Ritzau
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ISIN: DK0060094928
Category Code: MSCM
TIDM: Orsted
Sequence No.: 312112
EQS News ID: 1867971
End of Announcement EQS News Service
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