- Partnership with Ørsted across two U.S. offshore wind projects
- Interest in 704 MW Revolution Wind and 132 MW South Fork Wind projects added to portfolio
HAMBURG, GERMANY – EQS Newswire – 1 October 2024 – Skyborn Renewables (Skyborn), a Global Infrastructure Partners (GIP) portfolio company, has successfully entered into an advanced U.S. offshore wind joint venture by completing the acquisition of a 50% stake in the Revolution Wind and South Fork Wind projects from U.S. utility Eversource Energy (Eversource). Skyborn will manage the ownership of 50% in each of Revolution Wind and South Fork Wind projects. Ørsted holds the remaining 50% stake in both projects. South Fork is the first operating utility scale offshore wind project in the U.S. and Revolution is one of the first fully permitted projects that has begun construction.
“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. 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,” 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,” said David Hardy, Group EVP and CEO Americas at Ørsted. “GIP is a trusted and longstanding global Ørsted partner and brings world-class experience to the U.S. offshore wind industry. We’re pleased to work alongside as investors and partners with them and the experts from Skyborn in building and delivering domestic and clean energy to the Northeast.”
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.
South Fork Wind is a 132 MW offshore wind farm located off the coast of Montauk Point, New York. The project began delivering power in 2024. South Fork Wind project is fully contracted under a 20-year PPA with Long Island Power Authority.
JPMorgan Securities LLC and Greenhill, a Mizuho affiliate, are serving as financial advisors and Vinson & Elkins is serving as legal advisor to GIP.
Hashtag: #Skyborn
The issuer is solely responsible for the content of this announcement.
