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The Biden administration approved Ørsted's (OTCPK:DNNGY) plans Tuesday to build the Sunrise Wind project off the Massachusetts coast, which is expected to be the largest U.S. offshore wind project upon its anticipated completion in 2026.
The joint venture between Ørsted (OTCPK:DNNGY) and Eversource Energy (ES) has a nameplate generating capacity of 924 MW, and will help New York in its effort to deploy 9 GW of offshore wind by 2035 and edge the U.S. closer to President Biden's goal of 30 GW by the end of the decade.
Sunrise Wind was awarded a conditional contract by New York state officials last month under a program meant to help cover soaring costs for equipment and financing that has weighed severely on the wind industry.
Secretary of the Interior Deb Haaland said, the approval - the seventh offshore wind project to be authorized under Biden - "marks another substantial step towards fulfilling our clean energy goals" and "developing the American offshore wind industry."