Orsted/Eversource Joint Venture Makes Final Commitment to South Fork Offshore Wind Development

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South Fork Wind, a 50-50 joint venture between Ørsted and Eversource, has taken final investment decision (FID) on the project that will be New York’s first offshore wind farm. The FID codifies the companies’ commitment to the 130 MW offshore wind project.

“I’m very pleased we’re able to approve our first final investment decision on a U.S. offshore wind project and be at the forefront to contribute to New York’s ambitious offshore wind goals,” says Martin Neubert, chief commercial officer and deputy group CEO at Ørsted. “The United States represents an important growth market for us, and with seven already-awarded U.S. projects accounting for approximately 5 GW of clean offshore wind energy, Ørsted is leading the growth of a new sustainable industry that will create jobs and economic development along the East Coast and across the United States.”  

Once completed at the end of 2023, the offshore wind farm will generate enough clean, renewable energy to power 70,000 homes and will help advance New York State’s clean electricity goals. Last month, South Fork Wind received final approval from the Bureau of Ocean Energy Management (BOEM) for its construction and operations plan, the final in the agency’s review of the project.  

“With this final investment decision, South Fork Wind demonstrates our commitment to creating clean energy, union jobs and local economic impact for Long Island, New York State, and states across the country,” states David Hardy, CEO of Ørsted Offshore North America. “While this project has the recognition as New York’s first windfarm, it is also one of the first of many in a promising future for offshore wind in the United States.”

“I am grateful to the Biden administration, Secretary Haaland and Governor Hochul for their leadership and commitment to offshore wind as a source of clean power, to Eversource as our joint venture partner in South Fork Wind, and for the hard work and support of the many stakeholders who helped get us through the rigorous planning and permitting process,” Hardy adds.   

New York State has set a goal of installing 9 GW of offshore wind power by 2035, while the Biden Administration is targeting 30 GW of offshore wind capacity nationwide by 2030. Ørsted and Eversource applaud these commitments to advancing offshore wind and are contributing to those goals with South Fork Wind and two other awarded projects in the Northeast with a total capacity of approximately 1.8 GW.     

“With the joint final investment decision now in place, we have formally codified our commitment to New York’s first-ever offshore wind farm,” comments Joe Nolan, president and CEO of Eversource Energy. “In less than two short years, South Fork Wind will provide enough clean energy to power more than 70,000 homes – helping New York reach its nation-leading clean energy goals and delivering good-paying local jobs to the state and region. We couldn’t be prouder that all the many years of careful planning and hard work by so many have now come to fruition.”

“Ørsted and Eversource have together achieved a critical milestone that brings offshore wind one step closer to reality in our region,” mentions Thomas Falcone, CEO of the Long Island Power Authority. “In 2017, the forward-thinking approach of the LIPA Board of Trustees led to the approval of the South Fork Wind project at a time when there were no other power purchase agreements for offshore wind in the country. As the first offshore wind farm in New York, South Fork Wind is the beginning of a new industry that will be vital to New York meeting its goal of a zero-carbon electric grid by 2040.”

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