Skyborn Renewables Becomes Ørsted’s Partner in Two US Offshore Wind Farms
October 1, 2024
Skyborn Renewables, a Global Infrastructure Partners (GIP) portfolio company, has completed the acquisition of a 50% stake in the Revolution Wind and South Fork Wind projects from U.S. utility Eversource Energy, becoming a joint venture partner in the offshore wind farms with Ørsted.
Skyborn will manage the ownership of 50% in each of Revolution Wind and South Fork Wind projects, while Ørsted holds the remaining 50% stake in both projects.
South Fork is the first operating utility scale offshore wind project in the U.S., while Revolution Windis one of the first fully permitted projects that has begun construction.
South Fork Wind is a 132 MW offshore wind farm located off the coast of Montauk Point in New York.
The project began delivering power in 2024, and is fully contracted under a 20-year PPA with Long Island Power Authority.
Revolution Wind is a 704 MW offshore wind farm that will 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 (Eversource), United Illuminating (Avangrid) and Rhode Island Energy (PPL) and is expected to play a pivotal role in helping Rhode Island and Connecticut meet their clean energy goals.
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"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. This transaction offers strong value potential for our shareholders and partners through a well-structured approach that carefully mitigates key risks,” said Patrick Lammers, CEO of Skyborn.
“We’re excited for our new partnership with Global Infrastructure Partners and Skyborn on South Fork Wind and Revolution Wind, two projects that are historic as well as central to America’s energy priorities,” added David Hardy, Group EVP and CEO Americas at Ørsted.
