REG-Ørsted A/S Sunrise Wind selected for award in New York’s fourth offshore wind solicitation

Oersted A/SAnnouncement

29/02/2024 16:30

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   Ørsted A/S (Orsted)
   Sunrise Wind selected for award in New York’s fourth offshore wind
   solicitation

   29-Feb-2024 / 17:26 CET/CEST

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   29.2.2024 17:26:50 CET | Ørsted A/S | Investor News

   New York’s energy agency, New York State Energy Research and Development
   Authority (NYSERDA), has conditionally awarded Ørsted and Eversource’s
   Sunrise Wind project the right to negotiate a 25-year offshore wind
   renewable energy certificate (OREC) agreement for an offshore wind farm
   with a maximum capacity of 924 MW. The price per MWh for power generated
   from Sunrise Wind will be made public when negotiations have finalised.
   When a contract is signed, it will replace the existing OREC agreement,
   which was awarded to Sunrise Wind in 2019.

   Sunrise Wind is expected to be completed in 2026, subject to OREC
   negotiations, customary state and federal approvals, and to Ørsted’s final
   investment decision, which is expected in Q2 2024. The Sunrise Wind design
   has been reviewed and accepted by all relevant state agencies, and the
   project has secured all major supplier and project labour agreements.
   Final federal permits are expected this summer. 

   David Hardy, Executive Vice President and CEO of Region Americas at
   Ørsted, says: 

   “New York 4 is testament to Governor Hochul’s leadership on clean energy
   and the state’s ability to respond nimbly to the unprecedented
   macroeconomic developments that fundamentally changed the economics of the
   first wave of US offshore wind projects and threatened the state’s
   transition to clean energy. With today’s award at a bid price level
   reflecting the current component and financing costs, Sunrise Wind is well
   positioned to deliver clean energy to New York.

   “We’re proud to be New York’s offshore wind leader. Soon, we’ll complete
   the construction of South Fork Wind, the state’s first offshore wind farm,
   and with Sunrise Wind, we’ll deliver further economic benefits and local
   jobs to the state, while helping New York achieve its goal of reaching 70
   % renewable energy by 2030.” 

   Ørsted is establishing an offshore wind cluster on the US Northeast coast
   comprising South Fork Wind (130 MW under construction), Revolution Wind
   (704 MW under construction), and Sunrise Wind (924 MW), port assets, a
   trained work force, and supply chain partners. The northeast hub will be
   strategic for current and future projects and help Ørsted differentiate
   and de-risk potential future bids and projects. In addition, the company
   has seabed and assets along the US East Coast and is exploring the most
   value-creating options.

   As announced last month, Ørsted will take full ownership of Sunrise Wind
   from its current 50/50 joint venture partner Eversource, subject to the
   signing of the OREC agreement, entry into long-form acquisition agreements
   with Eversource, receipt of construction and operations plan (COP)
   approval, and relevant regulatory approvals. 

   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 Facebook, LinkedIn, Instagram, and X.

       Attachments

     •  4 Sunrise Wind.pdf

   News Source: Ritzau

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  306945
   EQS News ID:   1848875


    
   End of Announcement EQS News Service

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References

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