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Eversource Energy (NYSE:ES) +1.5% post-market Wednesday after Ørsted (OTCPK:DNNGY) agreed to acquire full ownership of Sunrise Wind, the 924 MW offshore wind farm planned to deliver power to New York; financial terms were not disclosed.
Ørsted (OTCPK:DNNGY) said the deal is subject to the ongoing New York 4 solicitation for offshore wind capacity and the signing of a contract with the New York State Energy Research and Development Authority.
If awarded in the New York 4 solicitation, Sunrise Wind is expected to be completed in 2026, with final federal permits expected this summer, Ørsted (OTCPK:DNNGY) said, adding that a new contract will be negotiated with NYSERDA if the project is provisionally awarded.
The 50-50 Sunrise Wind joint venture will remain in place if approval is not granted, the company said.
Last year, Ørsted (OTCPK:DNNGY) stopped development of two U.S. offshore wind projects and said related impairments had surged above $4B.
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