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Saturday, 16 November 2024

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Ørsted Acquires Deepwater Wind Creating New US Offshore Wind Platform

Danish offshore wind giant, Ørsted, has acquired Deepwater Wind, for a reported $510 million. The two companies’ offshore wind assets and organizations will be merged creating the leading US offshore wind platform with the most comprehensive geographic coverage and the largest pipeline of development capacity.
Ørsted Acquires Deepwater Wind Creating New US Offshore Wind Platform
Courtesy of Deepwater Wind

Headquartered in Providence, Rhode Island, and with offices in Annapolis, Maryland; Block Island, Rhode Island; Long Island, New York; and New Bedford, Massachusetts, Deepwater Wind is the leading US developer of offshore wind projects. 

Deepwater Wind delivered Block Island, the first-ever offshore wind farm in the US and has built-up a portfolio of 810MW of development stage assets with long-term revenue contracts awarded.  

Deepwater Wind’s portfolio has a total potential capacity of approximately 3.3GW comprising:

  • 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 New Jersey utility.

Ørsted’s current US offshore wind portfolio has a total capacity of approx. 5.5GW comprising:

  • 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.

With the combined organization and asset portfolio, Ørsted’s projects cover the seven states on the US East Coast that have already committed to building more than 10GW of offshore wind capacity by 2030 (source: Bloomberg New Energy Finance).

“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,” said Martin Neubert, Offshore Wind,  Ørsted.

“Ørsted is one of the world’s great clean energy companies and real pioneers in the offshore wind sector. We could not be more pleased with this combination, which will bring together two great teams to realize an enormous clean energy resource for coastal populations in the US,” added Jeffrey Grybowski, CEO, Deepwater Wind.

After closing of the transaction, the name of the new organization will be Ørsted US Offshore Wind. The new organization will be represented by a local management team headed by Ørsted US Offshore Wind CEO Thomas Brostrøm, Co-CEO Jeff Grybowski, President and CFO David Hang both from the Deepwater Wind team, and COO Claus Bøjle Møller from the Ørsted team.

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