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Investors - JULY 19, 2019

Ørsted selected as preferred bidder for New York offshore wind farm

by Released

The New York State Energy Research and Development Authority has selected Sunrise Wind to negotiate a 25-year offshore wind renewable energy certificate for an offshore wind farm with a capacity of 880 megawatts.

Sunrise Wind is a 50-50 partnership between Ørsted, the world's leading offshore wind developer, and Eversource, New England's largest energy company.

As part of its winning proposal for New York state, Sunrise Wind will bring economic development by constructing an operations and maintenance hub in Port Jefferson, Long Island, investing in additional port infrastructure upgrades and establishing offshore wind training programs in the state of New York. Furthermore, Sunrise Wind is exploring transmission partnerships with the New York Power Authority and utility Con Edison.

Subject to contract signing and Ørsted's and Eversource's final investment decision, the wind farm is expected to be operational in 2024.

The state of New York is aiming to be 100 percent powered by clean energy by 2040.

"Sunrise Wind will contribute significantly to achieving governor Cuomo's bold and ambitious goal for New York's transition to renewable energy by supplying more than half a million New York homes with wind power,” said Thomas Brostrøm, CEO of Ørsted U.S. Offshore Wind and president of Ørsted North America. “The offshore wind industry offers great opportunities for long-term industrial development, and Sunrise Wind will bring skilled jobs to the state during construction and throughout its operational lifetime.”

Sunrise Wind will be located 30 miles east of Montauk Point, Long Island, adjacent to Ørsted's South Fork and Revolution Wind projects.

By taking a portfolio approach to their Northeast projects, comprising South Fork, Sunrise Wind and Revolution Wind with a total capacity of approximately 1.7 gigawatts to be built in 2022 to 2024, Ørsted and Eversource will be able to leverage significant procurement synergies and optimize the construction and operation of the project portfolio.

Ørsted and Eversource have signed a wind turbine contract with Siemens Gamesa for the joint venture's Northeast project portfolio. Subject to Ørsted's and Eversource's final investment decision, all three offshore wind farms will be installing Siemens Gamesa's 8.0-megawatt turbines.

Ørsted has set up offices in New York City and Long Island and is currently developing New York state's first offshore wind project, the South Fork Wind Farm off Long Island. Construction is planned to start in 2021, and the wind farm will be operational in 2022.

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