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Orsted to take full ownership of Sunrise Wind project if it gets state contract

Mark Harrington,
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Offshore wind developer Orsted on Wednesday said it agreed to acquire partner Eversource’s stake in the Sunrise Wind project if the Long Island-destined project is awarded an updated contract by the state.

Orsted of Denmark and Eversource, the New England power utility, are 50-50 joint venture partners in three projects planned for the burgeoning U.S. offshore market. Eversource last year said it has been working to divest its ownership interest in the ventures, and earlier this month disclosed it plans to take up to $1.6 billion in impairment charges tied to the offshore wind ventures it intends to divest, including Sunrise Wind.

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