Deepwater Wind, the developer of the Revolution Wind project that will bring 200 megawatts of offshore wind power to Connecticut, has been acquired by the Danish company Ørsted A/S for $510 million.
Headquartered in Providence, Rhode Island, Deepwater Wind successfully outbid Ørsted earlier this year for the rights to introduce offshore wind power to the state. Deepwater Wind’s proposed Revolution Wind farm will generate up to 400 MW of renewable energy on a federal lease site between Montauk and Martha’s Vineyard. Deepwater is the developer of the first U.S. offshore wind farm, the 30 MW Block Island project, and it is also working on the 90-MW South Fork wind project off Long Island.
Ørsted is no stranger to the New England market – it has partnered with Eversource on the development rights for up to 2 GW at the Bay State Wind site off the coast of Massachusetts. It also owns the development rights for up to 3.5 GW at the Ocean Wind site off the coast of New Jersey and is contracted to construct two 6 MW wind turbine positions for phase one of Dominion Energy’s Coastal Virginia Offshore Wind Project.
“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 U.S., and Ørsted’s unparalleled track-record in engineering, constructing, and operating large-scale offshore wind farms,” said Martin Neubert, CEO of Offshore Wind at Ørsted. 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.”
“Ørsted is one of the world’s great clean energy companies and real pioneers in the offshore wind sector,” added Jeffrey Grybowski, CEO of Deepwater Wind. “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 U.S.”