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Offshore Wind Journal

Offshore Wind Journal

Ørsted offloads offshore wind assets in the US

Mon 11 Feb 2019 by David Foxwell

Ørsted offloads offshore wind assets in the US
Martin Neubert: “the US offshore wind market has great growth potential”

Ørsted has divested 50% of recently acquired offshore wind assets to New England utility Eversource for a purchase price of approximately US$225M.

The divestment to Eversource includes the following New England offshore wind projects. The first is Revolution Wind (704 MW) which will deliver power to Rhode Island (400 MW) and Connecticut (304 MW). Subject to permitting, securing power purchase agreements and final investment decisions by Ørsted and Eversource, Revolution Wind is expected to be commissioned in 2023. The Revolution Wind lease area is located approximately 25 km south of the Rhode Island coast.

South Fork (approximately 130 MW) is located 56 km east of Long Island and will interconnect into eastern Long Island where it will deliver power to households under a long-term power purchase agreement with the Long Island Power Authority. Subject to permitting, further development, and final investment decisions by Ørsted and Eversource, South Fork is expected to be commissioned by the end of 2022.

Two undeveloped New England lease areas, Massachusetts North and Massachusetts South, which can potentially be developed into significantly above 1 GW offshore wind capacity were also part of the deal.

Ørsted executive vice president and chief executive Martin Neubert said, “More than ever, the US offshore wind market has great growth potential with several states committing to significant buildout volumes.

“I am delighted to extend our strategic partnership with Eversource in the northeast and welcome them to our new offshore wind projects which will enable the joint venture to harvest synergies across the different New England projects.”

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