Lease 500 is strategic to Ørsted's US offshore wind portfolio. In addition to its proximity to existing Ørsted projects, which creates construction and operational efficiencies, the site also offers shallow water depth and favorable wind speeds compared to other sites in the United States and globally. Located approximately 25 miles (40 km) off the coast of Southern New England, the site can also serve four markets, including Massachusetts, Rhode Island, Connecticut, and New York. "We have had the pleasure of working alongside Ørsted for more than six years and have experienced first-hand their expertise in the offshore wind sector. We continue to expect that offshore wind projects built in our partnership's lease area, including the three now under development, will play a critical role in decarbonizing the generation mix of Southern New England and New York," said Joe Nolan, Eversource's president, chief executive officer, and chair.