Danish energy firm Ørsted has entered into an agreement with the D.E. Shaw Group to acquire a 100% equity interest in Deepwater Wind at a price of $510m.
Following the acquisition, the two companies’ offshore wind assets and organisations will be merged into one offshore wind platform to cover the US region.
With the combined organisation and asset portfolio, Ørsted will be able to deliver clean energy to the seven states on the US East Coast.
Ørsted’s current US offshore wind portfolio has a total capacity of around 5.5GW, while Deepwater Wind’s portfolio has a total potential capacity of approximately 3.3GW.
“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,” said Martin Neubert, CEO of Offshore Wind at Ørsted.