Ørsted And Eversource Propose Updated Sunrise Wind Project For New York; New Proposal Keeps Sunrise Wind On-Track; Key To Meeting NY's Climate Targets
Portfolio Pulse from Benzinga Newsdesk
Ørsted and Eversource have submitted a new proposal for the Sunrise Wind project in response to New York's offshore wind solicitation. The updated project, delivering up to 924 megawatts of clean energy, is expected to complete in 2026 and is crucial for New York's renewable energy goals. Ørsted aims to become the sole owner of Sunrise Wind if the re-bid is successful, acquiring Eversource's 50% share. The project has secured major supplier and labor agreements, with final federal permits anticipated this summer. It has broad support and is making significant investments in New York's offshore wind workforce and supply chain.
January 25, 2024 | 9:19 pm
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NEUTRAL IMPACT
Eversource is divesting its 50% share in Sunrise Wind to Ørsted but will lead the onshore construction. The divestment aligns with its strategy to advance offshore wind projects.
While Eversource is divesting its stake, it remains involved in the project's onshore construction, which may mitigate the impact of the divestment on its financials. The divestment could be part of a strategic realignment, and the impact on the stock price is uncertain without further details on the financial terms and strategic rationale.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ørsted aims to acquire Eversource's 50% share in Sunrise Wind, becoming its sole owner if the re-bid is successful. The project is key to their growth in the U.S. offshore wind market.
The news indicates a strategic move by Ørsted to consolidate ownership of a significant renewable energy project, which would likely be viewed positively by investors. The project's alignment with state and federal renewable energy goals suggests a high probability of success, potentially leading to future revenue growth.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90