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Ørsted finalises Deepwater Wind buy

By: Tom Russell 08/11/2018 Ørsted

Corporate General Windfarms

Following approval by the US competition authorities, Ørsted has completed its acquisition of Rhode Island-based Deepwater Wind at a purchase price of USD 510 million. The two companies’ offshore wind assets and organisations will be merged.

The company will be named Ørsted US Offshore Wind organisation 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.

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

· Block Island (30MW), currently 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 New Jersey utility company.

Ørsted stated its current US offshore wind portfolio has a total capacity of approximately 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.
For more information on corporate activity in offshore wind, click here.

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Ørsted finalises Deepwater Wind buy

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