Ørsted’s Acquisition of Deepwater Wind Makes it Leading Offshore Wind Platform

2019 MACo Winter Conference Sponsor (11)Ørsted, in an agreement with the D.E. Shaw Group, has acquired 100% equity interest in Deepwater Wind. The merger of the two companies’ offshore wind assets and organizations will make it the leading US offshore wind platform. The platform will include comprehensive geographic coverage and the largest pipeline of development capacity.

Before the acquisition, the companies had these assets:

Deepwater Wind:

  • Block Island (30MW), the only operational offshore wind farm in the US
  • Three offshore wind development projects in Rhode Island, Connecticut, Maryland and New York totaling 810MW of capacity with long-term revenue contracts in place or pending finalization.
  • Approximately 2.5GW of offshore wind development potential across three well-sited BOEM lease areas in Massachusetts and Delaware. Of these 2.5GW, 1.2GW is developed through an equal joint venture with PSEG, a leading New Jersey utility.

Ørsted:

  • Development rights for up to 2GW at the Bay State Wind site off the coast of Massachusetts owned in a joint venture with Eversource.
  • Development rights for up to 3.5GW at the Ocean Wind site off the coast of New Jersey.
  • In Virginia, Ørsted will be constructing two 6MW wind turbine positions for phase one of Dominion Energy’s Coastal Virginia Offshore Wind Project. Ørsted has exclusive rights with Dominion Energy to discuss the potential development of up to 2GW of offshore wind capacity.

According to the press release:

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 US, and Ørsted’s unparalleled track-record in engineering, constructing, and operating large-scale offshore wind farms.

D.E. Shaw & Co. has been a dedicated owner of Deepwater Wind with a vision to pioneer offshore wind in the US and being at the innovative forefront of technology investment. We are excited to continue this journey and take the industry to the next level.

– Martin Neubert, CEO, Offshore Wind, Ørsted

Ørsted North America is sponsoring the WiFi at the MACo Winter Conference, January 2-4, 2019.

Learn more about MACo’s Winter Conference:

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