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DELAWARE: Ørsted follows through with $5.2M land deal in Sussex

February 26, 2025 — Despite withdrawing plans for its Skipjack projects off of the coast of Delaware last year, Ørsted recently purchased a 64-acre property near Harbeson for $5.2 million.

The purchase, made under the business name Skipjack Offshore Energy, LLC., is the result of an agreement struck by the Danish wind turbine developer several years ago as conversations were swirling about the development of a wind farm in the area.

Ørsted Spokesperson Maddy Cronin confirmed the purchase and told the Delaware Business Times in an email, “This transaction is tied to an agreement struck in October 2023, prior to Ørsted’s decision to reposition the project. Pursuant to that October 2023 agreement, the transaction was finalized this month. Any future plans for the property would be subject to federal and local permits.”

Read the full article at Delaware Business Times 

DELAWARE: Ørsted buys 64 acres of land near Harbeson for $5.2 million

February 24, 2025 — Under the name Skipjack Offshore Energy LLC, Danish-based power company Ørsted has purchased a 64-acre piece of property near Harbeson for $5.2 million.

Located at the intersection of Walker and Diamond Farm roads, the piece of property encompasses the open field from Diamond Farm Road to the Anthem development. According to Sussex County sales records the sale was finalized Jan. 31.

Ørsted’s offshore wind competitor US Wind has been in the news recently as that company makes its way through the federal, state and county approval process, but this is the first time there’s been an Ørsted development locally in more than a year.

Ørsted has the development rights for an offshore wind farm on two federal lease sites in federal ocean waters off the coast of Delaware. Combined, the contiguous sites stretch from Rehoboth Beach south to Bethany Beach, and if fully built out, could produce 966 megawatts.

In January 2024, Ørsted announced it was still moving forward with development plans for the project, but withdrawing from a deal with the Maryland Public Service Commission to find better terms.

Read the full article at the Cape Gazette

Ørsted Ousts CEO as Pressure Continues in Offshore Wind Sector

February 3, 2025 — Danish renewable energy giant Ørsted reported today, January 31, a change in CEOs as the company continues to struggle with pressures in the offshore wind sector. The news of the change in leadership came just days after Ørsted reported it would be taking a further $1.7 billion in impairment charges related to its U.S. offshore wind projects following a massive $5.6 billion write-down in November 2023.

The board of directors announced that the company was replacing Mads Nipper who had led the company as Group President and CEO since January 2021. They reported he is stepping down effective tomorrow, February 1, but acknowledged during his four-year tenure Ørsted’s installed renewable capacity grew from 11.3 GW to the current 18.2 GW in 2025.

“The renewable energy market has fundamentally changed since January 2021. The impacts on our business of the increasingly challenging situation in the offshore wind industry, ranging from supply chain bottlenecks, interest rate increases, to a changing regulatory landscape, mean that our focus has shifted. Therefore, the board has today agreed with Mads Nipper that it’s the right time for him to step down, and the board has appointed Rasmus Errboe to take over as CEO,” announced Lene Skole, Chair of Ørsted’s Board of Directors.

Read the full article at The Maritime Executive

World’s largest offshore wind farm maker Orsted takes fresh $1.7 billion write-down in the U.S. as its Trump nightmare begins

January 21, 2025 — Danish offshore wind giant Orsted faced a fresh stock market hammering on Tuesday after the group announced a new billion-dollar impairment charge on the same day its foe Donald Trump ascended to the White House.

Shares plunged as much as 17% in early morning trading after the group disclosed an impairment of 12.1 billion Danish kroner ($1.69 billion) in the fourth quarter of 2024 as rising interest rates and falling wind farm valuations hit the company’s portfolio.

Orsted’s Sunrise Wind project, a 924-megawatt offshore wind farm in New York meant to power 600,000 homes, is expected to take longer than expected after the group took supply chain lessons from its previous Revolution Wind project installation in the U.S.

Mads Nipper, group president and CEO of Orsted, described the impairment and construction challenges as “very disappointing” but doubled down on his company’s commitment to the U.S.

“We remain committed to the US market in the long term with its potential for renewables to meet the growing electricity demand and create thousands of industrial jobs across the US,” said Nipper in a statement.

Read the full article at Fortune

Ørsted Has New U.S. Wind Partner as Eversource Exits and GIP Enters

October 2, 2024 — Institutional investors continue to show interest in the developing offshore energy sector demonstrated by the closing of a deal that rearranges the partnership for Ørsted in its U.S. offshore wind energy projects. Global Infrastructure Partners, which was acquired by famed group BlackRock, completed the previously announced deal to buy Eversource Energy’s 50 percent interest in two wind farms with Ørsted.

Eversource had previously announced its intent to exit the offshore wind sector to focus on operations as a pure-play regulated pipes and wires utility. They agreed earlier this year to sell their share of the planned Sunrise Wind project to Ørsted and yesterday completed the sale of its shares in South Fork Wind and Revolution Wind to Global Infrastructure Partners (GIP). While Eversource has exited its offshore wind investments, the company remains a contractor on the ongoing onshore construction scope for Revolution Wind, and a tax equity investor in South Fork Wind.

The final price for the 50 percent shares of the two U.S. offshore wind farms was $745 million, which was reduced by approximately $375 million from the original value of $1.12 billion on the deal. Eversource cited increased construction costs and delays for Revolution Wind. With a $370 million gain on the separate sale of Sunrise Wind, Eversource still expects to record a loss of $520 million for the divestiture of its offshore wind interests.

Read the full article at The Maritime Executive

RHODE ISLAND: This major offshore wind company just announced a big Providence expansion

September 3, 2024 — The Danish offshore wind developer that owns America’s first offshore wind farm and is building a second, much larger wind project off the Rhode Island coast is expanding its presence in the Ocean State.

Ørsted is moving its office in Providence, one of two co-headquarters for the company’s U.S. operations, into a new 17,470-square-foot space at 500 Exchange St. to accommodate a growing staff that is expected to more than double in the next few years.

The move from a smaller Exchange Terrace office comes not only as the company moves ahead with construction of Revolution Wind, a 65-turbine wind farm on which it is partnering with utility Eversource, but also just before the announcement of a decision that could see its investment in Southern New England grow even larger.

Read the full article at the Providence Journal

Construction Underway on New York’s Largest Offshore Wind Project

July 31, 2024 — Construction is underway in New York on what will be the state’s largest offshore wind farm.

A groundbreaking ceremony on Long Island officially kicked off the start of the project, which will support more than 800 direct jobs during its construction phase. It is said the project will stimulate economic benefits from the Capital Region to Long Island – including a $700 million investment in Suffolk County. Once completed, the 924-megawatt Sunrise Wind project will provide enough clean energy to power approximately 600,000 New York homes.

Developed by Ørsted, it will be built under “industry-leading project labor agreements” which officials say will ensure local union labor’s participation in all phases of construction.

Read the full story at Newsweek

To decarbonize, New England is betting big on offshore wind. Can it deliver?

July 24, 2024 — Dozens of hard hats and yellow safety vests were neatly placed on folding chairs. A giant American flag hung from the rafters of a hangar-sized fabrication building. And cellophane-wrapped cookies with blue icing spelling out “Revolution Wind, powered by Ørsted and Eversource,” added the final celebratory touch.

After a rough year for the fledgling U.S. offshore wind industry, the crowd of union leaders, energy company representatives, state and federal officials, media and other guests at the Port of Providence on June 13 were marking the final assembly of the advanced foundation components for the Revolution Wind project, a 700-megawatt offshore wind farm currently under construction 12 miles southwest of Martha’s Vineyard that will deliver energy to Rhode Island and Connecticut.

Rhode Island Gov. Dan McKee called the now- bustling port – packed with offshore wind turbine components and hosting a gleaming new crew service vessel built for Ørsted, the Danish offshore wind giant, docked nearby – “an example of what can happen all around the country.” The construction progress “marks a pivotal moment, not just for Rhode Island but our country’s offshore wind industry,” McKee added.

Other governors across New England are banking big on the mammoth turbines being installed off the coast to not only keep the lights on as the region moves toward cleaner electricity, but also to meet a surge in power demand from electric vehicles and a shift to electrified home heating. The region’s push into offshore wind comes amid longstanding apprehension by federal regulators and the nation’s electric reliability watchdog over New England’s dependence on natural gas power generation, worrisome when paired with its constrained pipeline capacity during extreme cold.

Whether the hundreds of turbines planned to spring up off the coast — and the major grid upgrades needed to get that power to where it’s needed — can reliably meet those expectations will come down in large part to timing, experts say. That includes not just how fast developers, who are facing supply chain problems and sometimes stiff local resistance and have complained about permitting delays, can get turbines built, but also when the expected demand increase from an electrified future materializes. Also in the mix: how quickly the system is able to inject the power produced offshore and whether it can handle the dips in output that can come with variable generation, said John Moura, director of reliability assessment at the North American Electric Reliability Corporation, which sets and enforces standards for the American power system.

Read the full article at Maine Morning Star

NEW YORK: Fishing Industry Remains Concerned with Offshore Wind Power

July 9, 2024 — East End residents will soon be another step closer to wind power and away from fossil fuel; but local commercial fishermen are raising objections. And, East Enders are waiting to hear how much this wind power project will mean for new utility rates.

The federal government earlier this spring approved what it calls a “record of decision” for a Denmark-based company, Orsted, to build one of the largest offshore wind farms planned for Nassau and Suffolk counties. The decision by the U.S. Department of the Interior is among the last steps to build the windfarm, known as Sunrise Wind, an 84-turbine plant, before actual construction can begin.

Orsted said in a news release that the final permit, a construction and operating plan, is expected this summer from the federal government. Orsted recently completed a 12-turbine wind farm called South Fork Wind. Orsted said Sunrise Wind is expected to be completed in 2026.

Both Sunrise Wind and South Fork Wind are in the waters off Massachusetts and Rhode Island. South Fork Wind’s cable comes ashore in Wainscott. Sunrise Wind has a power cable running more than 100 miles to Smith Point County Park, before beginning a 17 mile trip through Brookhaven Town to a substation in Holtsville.

Read the full article at Dan’s Papers

 

Ninth Large Offshore Wind Farm Approved for Construction by U.S. BOEM

June 24, 2024 — The pace of approvals continues after years of review with the U.S. Department of the Interior’s Bureau of Ocean Energy Management today approving the ninth commercial-scale offshore wind farm. The project known as Sunrise Wind is currently jointly owned by Ørsted and Eversource Energy, although Eversource has agreed to sell its shares as part of a strategy for existing offshore wind investments.

“BOEM’s approval of the Sunrise Wind project represents another step in building a thriving offshore wind energy industry,” said BOEM Director Elizabeth Klein. The bureau issued its approval for the Construction and Operation Plan today after the Department of the Interior in March 2024 published its Record of Decision on the project.

These are the final steps for federal approval for the wind farm which will have a capacity of 924 MW. Sunrise Wind also recently finalized its agreements with NYSERDA on the project’s 25-year Offshore Wind Renewable Energy Certificates (OREC) contract. The COP which was approved today outlines the project’s one nautical mile turbine spacing, the requirements on the construction methodology for all work occurring in federal ocean waters, and mitigation measures to protect marine habitats and species.

“Sunrise Wind is a centerpiece of New York’s clean energy vision, and with this final federal approval we can officially put the construction phase in motion,” said David Hardy, Group EVP and CEO Americas at Ørsted. “BOEM’s approval is an important milestone not just for New York but also for America’s domestic energy sector.”

Read the full article at The Maritime Executive