Ørsted Completes $510 Million Deepwater Wind Acquisition

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Danish energy company Ørsted has officially completed its acquisition of U.S. offshore wind developer Deepwater Wind.

Providence, R.I.-based Deepwater Wind, owned principally by an entity of the D.E. Shaw group, built the U.S.’ first operational offshore wind project, the 30 MW Block Island Wind Farm. As announced a month ago, Ørsted made an agreement with the D.E. Shaw group to acquire 100% of Deepwater Wind’s equity at a purchase price of $510 million. Now, all conditions to close have been satisfied, including review of the transaction by U.S. authorities.

The newly combined organization – Ørsted US Offshore Wind – aims to deliver clean energy to every coastal state in the densely populated East Coast corridor between Massachusetts and Virginia.

“We have created a world-class team, with both deep experience building large-scale offshore wind projects and intimate knowledge of the U.S. markets,” comments Thomas Brostrøm, co-CEO of Ørsted US Offshore Wind and president of Ørsted North America. “The approval of this deal signals the importance of growing the U.S. offshore wind industry. We are moving quickly to integrate the two U.S. organizations so we can deliver large-scale clean energy projects as soon as possible. We look forward to continuing Deepwater Wind’s first-class work along the Eastern Seaboard and taking the U.S. market to the next level.”

“It is very exciting for two pioneering companies to join forces to create the clear leader in the U.S. offshore wind market,” adds Jeffrey Grybowski, co-CEO of Ørsted US Offshore Wind. “Our teams will now begin to merge together to advance our existing projects and to prepare for our next round of projects for the East Coast. We have very big plans for the U.S.”

Jointly based in Providence and Boston, Ørsted US Offshore Wind will be led by a management team headed by Brostrøm; Grybowski; Deepwater Wind’s David Hang, president and chief commercial officer; and Ørsted’s Claus Bøjle Møller, chief operating officer.

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