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Ørsted acquires leading US offshore wind developer

11/10/2018
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Ørsted, one of Europe’s leading green energy companies, has this week agreed to acquire Deepwater Wind, the leading US offshore wind developer which maintains a diverse portfolio of projects along the US East Coast.
On completion of the acquisiton Orsted will have the leading US offshore wind platform.
(Image via Ørsted).

The acquisition sees Ørsted enter into an agreement with the D.E. Shaw Group to aquire a 100% equity stake in Deepwater Wind at a purchase price of USD 510 million.

Ørsted’s current offshore wind portfolio will be merged with Deepwater Wind’s to create ‘the leading US offshore wind platform with the most comprehensive geographic coverage and the largest pipeline of development capacity’.

To give you an ideal of the scale of the new platform, let’s take a look at Deepwater Wind’s 3.3GW portfolio which consists of:

  • 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 totalling 810MW of capacity with long-term revenue contracts in place or pending finalisation.

  • 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.

  • Now, let’s look at Ørsted’s US offshore wind portfolio which has a total capacity of approximately 5.5GW which consists of:

  • 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.

  • Ørsted entered the US market in 2015, and sees the US renewables market as an attractive, strategic growth opportunity. A position which this week’s acquisition reinforces. In a statement, Ørsted states that this acquisition will enable them to ‘deliver clean energy to the seven states on the US East Coast that have already committed to build in total more than 10GW of offshore wind capacity by 2030’.
    Once the deal has been completed, the new entity will be named Orsted US Offshore Wind.
    (Image via Ørsted).

    Commenting on the acquisition, Martin Neubert, CEO of Offshore Wind at Ørsted, said:

    “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. 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”.

    “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”.

    Once the deal has been completed, the new entity will be named Ørsted US Offshore Wind.

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    Ørsted acquires leading US offshore wind developer - Time to read 3 min
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