ES - South Fork offshore wind project advances as first foundation installed

2023-06-23 14:34:58 ET

The first U.S. commercial offshore wind farm has achieved a "steel in the water" milestone with the installation of the project's first monopile foundation, New York Governor Kathy Hochul's office announced Thursday.

The milestone marks the start of the installation phase of the South Fork Wind project off the East End of Long Island, which will be the first completed offshore wind farm in federal waters, with operations scheduled to start by the end of this year.

The 132 MW, 12-turbine project is being built by 50-50 joint venture partners Eversource Energy ( NYSE: ES ) and Ørsted ( OTCPK:DNNGY ), although the U.S. company is seeking to sell its half of the project to Ørsted.

Once completed, South Fork will generate enough energy to power ~70K homes while eliminating up to 6M tons of carbon emissions, the equivalent of removing 60K cars from the road annually over a 25-year period.

South Fork is one of five offshore wind projects in active development offshore New York, the largest portfolio in the U.S., totaling more than 4,300 MW and expected to power more than 2.4M New York homes.

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