Sunrise Wind

Ørsted and Eversource had established a broader 50/50 strategic partnership in US offshore wind since 2016 via Bay State Wind LLC (a joint JV covering multiple New England BOEM lease areas). In February 2019, alongside the South Fork / Revolution Wind farmdown, Ørsted disclosed the Bay State Wind partnership as the vehicle for the Sunrise Wind project (OCS-A 0487, located offshore New York). The Sunrise Wind JV was formally established as a 50/50 partnership between Ørsted and Eversource, developed from the Bay State Wind / Deepwater Wind lease area OCS-A 0487. No standalone consideration was paid; the partnership structure was an extension of the pre-existing Bay State Wind 50/50 collaboration. Eversource had been a JV partner with Ørsted in Bay State Wind prior to 2019. Sunrise Wind was later rebid and awarded in the New York State NY4 offshore wind solicitation (February 2024). FID taken March 2024.

NOT A SUNRISE WIND PROJECT EQUITY TRANSACTION — covers uncontracted seabed and infrastructure only. Recorded under Sunrise Wind as the nearest FK match (same Ørsted-Eversource partnership). As the first stage of Eversource's full exit from US offshore wind, Ørsted acquired Eversource's 50% share of the uncontracted Bay State Wind lease area (OCS-A 0500, ~187,000 acres, ~4 GW potential) plus key operational assets (port partnerships at Providence, Davisville/Quonset Point RI, New London CT; an O&M hub in East Setauket NY; and charter of the first US-built offshore wind SOV). Total consideration: USD 625 million. Announced May 25, 2023; closed September 7, 2023. This transaction covered uncontracted seabed and supporting operational infrastructure — it did NOT include the contracted Sunrise Wind project stake, which was handled in a separate subsequent transaction (see next record). Eversource also agreed to contribute its tax equity member interest in South Fork Wind (approximately USD 545 million) as part of the broader arrangement. USD 625m × 0.93 (2023 rate) = EUR 581m. Note: Sunrise Wind FID was taken subsequently (March 2024) by both companies before Eversource's 50% project stake sale closed.

Eversource agreed in January 2024 to sell its 50% interest in the Sunrise Wind project (924 MW, OCS-A 0487, offshore New York) to Ørsted, with the definitive agreement executed April 19, 2024. The transaction closed July 10, 2024, making Ørsted 100% owner of Sunrise Wind. FID was taken in March 2024 (before the definitive agreement); stage at close is therefore fid. The announced consideration was USD 230 million (gross proceeds, subject to spending adjustments); actual closing consideration was USD 152 million, reduced from USD 230 million due to lower actual versus forecast capex between signing and closing. At USD/EUR 0.93 (2024 rate): announced EUR 214 million; actual EUR 141 million. Implied 100% project equity value at closing: USD 304 million = EUR 283 million. Implied EUR/MW = EUR 283m / 924 MW × 1,000,000 = EUR 306,000/MW. This is well below the fid typical range (EUR 700k–2,300k/MW), reflecting a DISTRESSED EXIT — Eversource's distressed exit (recording a USD 520 million total loss on its US OW portfolio) and political/regulatory uncertainty under the Trump administration. Sunrise Wind FID was taken by Ørsted and Eversource jointly in March 2024 (shortly before Eversource's exit), so the project was transitioning from pre-FID to FID at the time of announcement.