Ørsted buys uncontracted offshore wind seabed from Eversource

Ørsted has signed an agreement with Eversource Energy to acquire its 50% stake in the uncontracted federal offshore wind lease area for US$625 million, thus securing the strengthening of its position in the US offshore wind energy sector. The agreement will give full ownership of key operational assets in the US Northeast to Ørsted, including partnerships with the Port of Providence, the Port of Davisville, Quonset Point, and New London State Pier. Additionally, Ørsted will take control of the operations and maintenance hub in East Setauket, New York, and the charter agreement for the first American-built offshore wind service operation vessel, currently under construction in Louisiana.

Lease Area OCS-A 500 (Lease 500), which is co-owned by Ørsted and Eversource Energy, contains uncontracted seabed territory for offshore wind energy development that has a potential capacity of up to 4 GW.

The transaction is still subject to regulatory review and customary closing conditions but is expected to conclude by Q3 of 2023.