Ørsted enters agreement to acquire Deepwater Wind

Ørsted has announced that it has entered into an agreement with the D.E. Shaw Group to acquire a 100% equity interest in Rhode Island-based Deepwater Wind at a purchase price of US$510 million.

Deepwater Wind, an US offshore wind developer, has built an attractive and geographically diverse portfolio of projects along the US East Coast. Deepwater Wind’s portfolio has a total potential capacity of approx. 3.3 GW comprising:

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

The two companies’ offshore wind assets and organizations will be merged into the leading US offshore wind platform with the most comprehensive geographic coverage and the largest pipeline of development capacity. After closing of the transaction, the name of the new organization will be Ørsted US Offshore Wind. 

The transaction is subject to clearance by the US competition authorities and is expected to close by end of 2018.