Skyborn Renewables has entered into a U.S. offshore wind joint venture by acquiring a 50% stake in both the Revolution Wind and South Fork Wind projects from Eversource.
Ørsted holds the remaining 50% stake in both projects.
“Partnering on the Revolution Wind and South Fork Wind projects marks a significant step in expanding Skyborn’s presence in the U.S. offshore wind market,” says Patrick Lammers, CEO of Skyborn.
“Moreover, this joint venture with Ørsted perfectly exemplifies our successful partnership model. This transaction offers strong value potential for our shareholders and partners through a well-structured approach that carefully mitigates key risks. Ørsted is a well-established and credible global leader in offshore wind, we are proud to partner with them and look forward to the collaboration.”
Revolution Wind is a 704 MW offshore wind farm slated to interconnect in Rhode Island and serve that state as well as Connecticut. The project is under construction and estimated to be operational in 2026. It is contracted under 20-year PPAs with Connecticut Light & Power, United Illuminating and Rhode Island Energy.
South Fork Wind is a 132 MW offshore wind farm located off the coast of Montauk Point, N.Y., that began delivering power this year. The project is fully contracted under a 20-year PPA with Long Island Power Authority.
JPMorgan Securities and Greenhill, a Mizuho affiliate, are serving as financial advisors, and Vinson & Elkins is serving as legal advisor to GIP.
Skyborn Renewables is a Global Infrastructure Partners portfolio company.
