Norway’s Equinor and Denmark’s Ørsted have signed new Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreements with the authorities of the US State of New York State for the development of two offshore wind projects totalling 1.7 GW.
Empire Wind 1 is an 810 MW project developed by Equinor, while Sunrise Wind is a 924 MW project developed by Ørsted and Eversource. Both projects already secured most federal and state permits and are expected to be commissioned in 2026. The weighted average all-in development cost of the contracted offshore wind projects over the life of the contracts is US$150.15/MWh, on-par with the current market prices.
In March 2024, the New York State Energy Research and Development Authority (NYSERDA) had conditionally awarded the projects to Equinor and Ørsted, subject to a successful OREC contract execution.
New York State aims to achieve a zero-emission electricity sector by 2040, including 70% renewable energy generation by 2030, and develop 9 GW of offshore wind by 2035.
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