Danish power company Ørsted and US-based energy firm Eversource Energy have reached a final investment decision (FID) on the 704MW Revolution Wind project located off the coast of Rhode Island, US.
Both parties are developing the American offshore wind project through a 50-50 joint venture (JV) partnership.
The FID will help the JV to officially start the full scope of construction of the Revolution Wind project.
Ørsted said that the onshore construction at the project has commenced, with the offshore construction scheduled to begin in 2024.
The Revolution Wind project is estimated to become fully operational in 2025.
Ørsted Americas group executive vice president and CEO David Hardy said: “With our final investment decision, we’re solidifying our commitment to building this second offshore wind farm for Rhode Island, and the first offshore wind project for Connecticut.”
Once complete, the offshore wind facility will provide 400MW of clean and affordable energy to Rhode Island and 304MW of the same energy to Connecticut.
It will supply green electricity to over 350,000 households across the two states and contribute towards the states’ climate goals.
Besides, the Revolution Wind project will generate thousands of direct, indirect, and induced jobs along with permanent operations and maintenance jobs across both US states.
Eversource Energy president, chairman and CEO Joe Nolan said: “We’re ramping up onshore construction of the transmission system of this critical clean energy project, which will deliver enough renewable energy to power more than 350,000 homes in both Rhode Island and Connecticut.”
In August 2023, the Revolution Wind project secured a record of decision from the US Department of the Interior‘s Bureau of Ocean Energy Management (BOEM).
Ørsted and Eversource intend to secure approval from the BOEM on the construction and operations plan for the offshore wind project this month.
Ørsted has also announced its decision to halt the development of the Ocean Wind 1 and 2 projects located off the coast of southern New Jersey, US. The decision has been taken as part of an ongoing review of the company’s US offshore wind portfolio.
The developments at the offshore wind facilities have ceased due to the additional supplier delays, which are impacting the project schedule and resulting in an additional significant project delay.
