Ørsted Partners with Eversource on Northeast Offshore Wind
Danish wind energy developer Ørsted announced late last week that it was entering into a partnership with New England’s largest energy company, Eversource, to develop key offshore wind assets in the Northeast of the United States, including two named offshore wind farms and two undeveloped New England lease areas.
The new partnership will see Ørsted divest 50% of its ownership in certain assets it acquired in its October 2018 acquisition of Rhode Island-based offshore wind developer Deepwater Wind. Eversource, which will acquire 50% ownership for a price of approximately $225 million, will enter into a 50-50 partnership with Ørsted in the development of the 704 megawatt (MW) Revolution Wind offshore wind project — which is set to deliver 400 MW to Rhode Island and 304 MW to Connecticut — and the development of the 130 MW South Fork offshore wind farm which will deliver power to Long Island. Both projects are subject to permitting and final investment decisions but, if approved, they could enter operation by 2023 and 2022 respectively.
Ørsted and Eversource will also partner on two undeveloped New England lease areas — Massachusetts North and Massachusetts South — which have the potential to be developed to well above the 1 gigawatt (GW) mark. These undeveloped lease areas exist in addition to the 5 GW or more that is under various stages of development across the US Eastern Seaboard in states such as Massachusetts, Rhode Island, and New Jersey.
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