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Ørsted Acquires Deepwater Wind for $510M

Wednesday, October 17, 2018

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Danish energy firm Ørsted recently announced the expansion of its presence in the U.S. with the $510 million acquisition of Deepwater Wind from owner D.E. Shaw Group. The venture is to be run by co-CEOs from the energy firm’s current U.S. operations and Deepwater Wind.

Deepwater Wind, known as a leading offshore wind developer, has a diverse portfolio of projects along the east coast of the U.S., including: a 30-megawatt wind farm off Block Island, near Rhode Island, which is currently the only operational wind farm in the U.S. Even with the pending acquisition, Deepwater Wind is still planning on bidding on New Jersey’s upcoming 1.1-gigawatt project.

Ørsted Acquisition

Ørsted’s current offshore presence in the U.S. includes roughly 5.5 GW of energy generation, composed of up to 2 gigawatts of development rights at Bay State Wind, off the coast of Massachusetts; and development rights for up to 3.5 gigwatts at Ocean Wind, located off the coast of New Jersey.

Deepwater Wind is headquartered in Providence, Rhode Island, with offices in Maryland and Massachusetts. The company was founded in 2007, and went on to build Block Island, the first offshore wind farm in the U.S. Currently, Deepwater possesses 810 megawatts of development-stage assets, along with several contracts awarded. There is also the opportunity for another 2.5 gigawatts of power generation capacity. Block Island is composed of five General Electric six-megawatt turbines; the wind farm was brought online in December 2016.

© iStock.com / Ian Dyball

Danish energy firm Ørsted recently announced the expansion of its presence in the U.S. with the $510 million acquisition of Deepwater Wind from owner D.E. Shaw Group. The venture is to be run by co-CEOs from the energy firm’s current U.S. operations and Deepwater Wind.

“With this transaction we’re creating the number one offshore wind platform in North America, merging the best of two worlds: Deepwater Wind’s longstanding expertise in originating, developing and permitting offshore wind projects in the U.S., and Ørsted’s unparalleled track-record in engineering, constructing and operating large-scale offshore wind farms,” said Martin Neubert, CEO of Offshore Wind at Ørsted.

“Today’s announcement consolidates Ørsted’s position as the global market leader in offshore wind with a strong foothold across Europe, North America and Asia-Pacific.”

Earlier this year, Ørsted was chosen by Dominion Energy Virgnia to build the Coastal Virginia Offshore Wind Project.

New Jersey Project

Deepwater Wind confirmed its plans to bid on the New Jersey offshore wind project in an email to Utility Dive. The New Jersey Board of Public Utilities opened the project to bids in mid-September, and is slated to start making decisions by the beginning of July 2019.

New Jersey’s project is part of a larger plan to install 3.5 gigawatts of offshore wind energy by 2030. New Jersey Gov. Phil Murphy also called for two additional 1.2-gigawatt wind projects in 2020 and 2022. The state is aiming to become 100 percent clean energy by 2050. New Jersey’s offshore wind energy target was initially announced in April, and was signed into law in May.

Ørsted’s acquisition of Deepwater Wind is still pending regulatory approval, but the energy firm expects the deal to close by the end of this year. The new entity will be known as Ørsted US Offshore Wind, co-run by Neubert and Jeffrey Grybowski, CEO of Deepwater Wind.

Editor's Note: Corrected 2020 to 2050.

   

Tagged categories: EU; Europe; Government; Infrastructure; NA; Offshore; Program/Project Management; Wind Farm; Wind Towers

Comment from Andrew Piedl, (10/17/2018, 3:01 PM)

It looks like the plan in NJ is for 100% clean energy by 2050 (not 2020).


Comment from Laura Kemmerer, (10/17/2018, 3:05 PM)

Thank you for letting us know! The correction has been made. Thank you for reading!


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