REG-Ørsted A/S Sunrise Wind receives federal record of decision, takes final investment decision

Oersted A/SAnnouncement

26/03/2024 17:30

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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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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
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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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