Rebecca Macmillan’s Post

Ørsted has finalized the acquisition of Eversource's 50% stake in the 924MW Sunrise Wind offshore wind farm located off the coast of New York. This follows Ørsted's announcement on January 24, 2024, and comes after Sunrise Wind's successful bid in New York's 4th solicitation for offshore wind capacity. The purchase price at closing was $152 million, a decrease from the $230 million valuation at signing in January 2024, due to lower-than-expected Capex expenditures. With the deal closed, Ørsted now fully owns the project, which has all federal permits and an OREC contract with NYSERDA at $146 per MWh for 25 years. The final investment decision for Sunrise Wind was made in March this year. Click the link below for the full story and follow us for daily mandates & news. #offshorewind #windenergy #windpower #renewables

🌊 Historic First Offshore Wind Lease Sale in the Gulf of Maine! 🌬️ The Biden-Harris administration has achieved a major milestone with its first commercial lease sale for floating offshore wind in the Gulf of Maine. The sale resulted in $21.9M in winning bids across four lease areas: - Avangrid Renewables secured two leases (OCS-564 & OCS-568), covering 223,462 acres, winning bids totaling $11.17M. -Invenergy NE Offshore Wind won two leases (OCS-562 & OCS-567), covering 215,634 acres, winning bids totaling $10.78M. Together, these areas could power 2.3M+ homes with clean energy. This effort aligns with the administration’s ambitious goals of 30 GW by 2030 and 15 GW of floating wind by 2035. Leases include commitments to workforce training and $2.7M each for supply chain development and fisheries compensation. #OffshoreWind #CleanEnergy #GulfofMaine #RenewableEnergy

Interesting read... Orsted will get a new partner in two of its US offshore wind projects after an agreement by utility Eversource to sell its own stakes to Global Infrastructure Partners (GIP), currently being acquired by finance BlackRock. Eversource will sell its 50% share in the 132MW South Fork Wind and 704MW Revolution Wind projects to GIP in a deal that will realise $1.1bn 🍃 💲. #renewables #offshorewindenergy #renewableenergy #sustainability

Empire Energy Offshore Announces Support for Historic Offshore Wind Expansion in New England Empire Energy Offshore is proud to support the recent announcement of the largest offshore wind procurement in New England’s history, as Massachusetts and Rhode Island unveil the selection of 2,878 megawatts (MW) to power 1.6 million homes, create thousands of jobs, and inject billions into the region’s economy. This monumental procurement reflects the region’s leadership in the offshore wind sector, with Massachusetts securing 2,678 MW across three major projects: SouthCoast Wind, New England Wind 1, and Vineyard Wind 2. These developments will provide critical clean energy solutions, contributing to the region's energy independence while reducing carbon emissions by the equivalent of taking one million gas-powered cars off the road. “As we embark on this next chapter of offshore wind development, Empire Energy Offshore is committed to delivering the expertise, infrastructure, and workforce development needed to support these historic projects,” said Mike M., Senior Director of Offshore at Empire Energy Offshore. “This selection isn’t just about generating clean energy; it’s about building a sustainable supply chain and creating opportunities that will transform the offshore wind landscape in New England for generations to come.” With ports like New Bedford, Providence, and Salem being retrofitted for wind turbine assembly and maintenance, Empire Energy Offshore can at the forefront of such initiatives. The projects are expected to generate thousands of high-paying jobs and ensure these ports remain operational hubs well into the 2030s. “The ripple effect from these projects will be felt across the region, as investments in infrastructure and workforce training create a foundation for long-term growth,” Milledge added. “We are excited to collaborate with industry partners, leveraging our expertise to help drive New England’s clean energy future.” The Office of Massachusetts Governor Maura Healey emphasized the economic and environmental impact, saying, “We are powering 1.4 million more homes with clean energy, creating good union jobs, and generating billions in economic activity.” Construction on these projects is slated to begin in 2025, with operations expected by 2030. For Empire Energy Offshore, this marks the beginning of a new era in offshore wind, setting a precedent for regional collaboration and energy innovation. #OffshoreWind #EmpireEnergyOffshore #RenewableEnergy #NewEnglandLeadership #CleanEnergyTransformation #EnergyIndependence #JobCreation #SustainableFuture https://lnkd.in/eWhrva-p

Momentum is building again in the #offshorewind industry. South Fork wind farm became the first commercial offshore wind farm to operate in federal waters earlier this year and 136 MW of Vineyard Wind are sending power to the grid. Beyond there are three projects currently under construction and a further 37 in development. All told, the industry is marching towards 14 GW of operating offshore wind power by 2030. Sure, its not quite the 30 GW by 2030 target envisioned. But considering the cost increases the industry faced over the past few years that led to project cancellations, including soaring interest rates, its remarkable that this goal will only be delayed by three years. Encouragingly, the industry is now expecting 40 GW by 2035. Fantastic! And its not just the megawatts or their associated emissions avoidance that matters. These projects are good for the US economy. Delivering 14 GW of offshore wind by decade's end will deliver $65 billion of capital investment and 56,000 jobs. Ports are being revitalized, shipyards across the country are discovering new customers, and manufacturers are investing in domestic capacity. Its a win for the economy and the climate. The rest of the year will see momentum continue to build. States are seeking to award a further 9 to 12 GW of offshore wind contracts this year and BOEM is planning to hold four lease sales that will open 1.9 million acres of federal waters to development. I'm excited to continue to watch this industry grow and deliver for energy security, the climate, the economy, and the American people. I applaud the tireless efforts of companies like Ørsted, Avangrid Renewables, Dominion Energy, Vineyard Offshore, Equinor, bp, OW Ocean Winds, Atlantic Shores Offshore Wind, Community Offshore Wind, RWE, Corio Generation, TotalEnergies, Invenergy, energyRe, US Wind, Inc, Eversource Energy, Attentive Energy, GE Vernova, Vestas and many others that are moving this industry forward. Learn more about this incredible industry in the American Clean Power Association (ACP)'s 2024 Offshore Wind Market Report https://lnkd.in/exbnDTpB

Xodus advises Stonepeak on acquisition of 50% interest in Dominion Energy’s Coastal Virginia Offshore Wind Project   Global energy consultancy Xodus has assisted Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, in its acquisition of a 50% interest in Dominion Energy’s Coastal Virginia Offshore Wind Project (“CVOW”). CVOW is expected to be the largest offshore wind farm in the U.S. 🔽 Find more info in comments below 🔽 #Xodus #Stonepeak #DominionEnergy #CVOW #offshorewind #renewableenergy #investment #RenewableEnergy #GreenEnergy ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

Orsted will get a new partner in two of its US offshore wind projects after an agreement by utility Eversource to sell its own stakes to Global Infrastructure Partners (GIP) – itself currently being acquired by BlackRock. Eversource will sell its 50% share in the 132MW South Fork Wind and 704MW Revolution Wind projects to GIP in a deal that will realise $1.1bn for the utility, which has been Orsted’s joint venture partner in the US since 2016. The terms of the deal are straightforward for South Fork, which is already in construction off New York. The agreement, however, allows for a 50/50 sharing by Eversource with GIP for up to $240m of potential cost overruns at Revolution, reflecting the ongoing uncertainties in the US offshore wind market. https://lnkd.in/ei8EXNsw

Today's Central Atlantic offshore wind lease sale by the U.S. Department of the Interior Bureau of Ocean Energy Management yielded nearly $93 million in high bids. Congratulations to Equinor and Dominion Energy. The American offshore wind industry is growing, with companies investing in communities, jobs, and the supply chain. The industry continues to show a highly favorable long-term trend. The lease sale also underscores that Washington needs to do more to maintain this momentum. This will be the first year without a federal offshore oil and gas lease sale since 1958. After this December, the Interior cannot hold any more offshore wind lease sales until another offshore oil and gas sale is held. The current leasing reality is begging for a Congressional fix to provide much-needed regulatory certainty and normalcy for both offshore oil and gas and wind lease sales.

Insights from RWE's Sam Eaton on U.S. Offshore Wind. In the latest edition of Utility Dive’s "Taking Charge" series, RWE ’s Offshore Wind U.S. CEO, Sam Eaton, shares his optimism about the future of the U.S. offshore wind industry. RWE has made significant strides, becoming the first tricoastal offshore wind developer in the U.S. with leases off New York, California, and Louisiana. “What I’m excited about right now is what I see as those signs of maturation, and that momentum building in the offshore wind sector here in the U.S.” — Sam Eaton Empire Energy Partners is proud to support the U.S. offshore wind industry through our comprehensive EPC services, ensuring the delivery of high-quality, sustainable solutions for large-scale offshore projects. #OffshoreWind #RenewableEnergy #CleanEnergy #EmpireEnergyOffshore #RWE #UtilityDive #EnergyTransition https://lnkd.in/eGadNd6y

VIRGINIA - U.S. utility firm Dominion Energy (D.N), said on Thursday it would sell a 50% non-controlling interest in its Coastal Virginia offshore wind farm to Stonepeak to help fund construction of the roughly $10 billion project. Dominion said it would retain full control of the construction and operation of the project, with Stonepeak to pay for half of the construction costs. The deal is expected to close by end-2024, with Dominion to receive about $3 billion, representative of half the construction cost. The roughly 2,600-megawatt (MW) project consists of 176 turbines, each designed to generate 14.7 MW, to be located about 27 miles (43.5 kilometers) off the coast of Virginia Beach and is expected to be the largest offshore wind farm in the U.S. The deal comes amid a backdrop of slowing offshore wind project development in 2023 due to rising inflation, higher interest rates and supply chain issues leading to soaring costs. Dominion said last year the approximately $10 billion project was within the budget and on track for completion by late 2026, with the second phase of construction set to begin this year. Separately, the company also reported lower-than-expected fourth-quarter profit, hurt by higher interest expenses and soft demand for electricity in the firm's key service territories. Shares of the company were down 1.8% at $45.45 in premarket trade. The Richmond, Virginia-based firm posted an adjusted profit of 29 cents per share, missing the average analysts' estimate of 38 cents, according to LSEG data. The firm also said it would conclude its business review of operations, which was initiated in November 2022, with an investor meeting scheduled for March 1. #escrowcredirt #newmarktitleservices https://lnkd.in/eGdaW6ZF