Revolution Wind, South Fork deals see Skyborn enter US offshore wind market

Ørsted’s partnership with GIP pairs the US and global offshore wind leader with one of the world’s largest infrastructure investors and pureplay offshore wind developer Skyborn. 

Through GIP, Skyborn, which is already active in the European and Asia Pacific offshore wind markets, has completed the acquisition of a 50% stake in the Revolution Wind and South Fork Wind offshore windfarms from US utility Eversource Energy.

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. 

Revolution Wind is a 704-MW offshore windfarm 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, United Illuminating and Rhode Island Energy 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 windfarm 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.

Skyborn chief executive Patrick Lammers said, “Partnering on the Revolution Wind and South Fork Wind projects marks a significant step in expanding Skyborn’s presence in the US 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.”

Ørsted group executive vice president and chief executive Americas, David Hardy said, “We are excited about our new partnership with Global Infrastructure Partners and Skyborn on these projects, which are historic as well as central to America’s energy priorities.

“GIP is a trusted and longstanding Ørsted partner and brings world-class experience to the US offshore wind industry. We are 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.”