Ørsted concludes Deepwater Wind acquisition for $510m

9 November 2018 (Last Updated November 9th, 2018 11:18)

Ørsted has completed its acquisition of Deepwater Wind from DE Shaw group in a $510m deal. 

Ørsted concludes Deepwater Wind acquisition for $510m
Glennmont Partners will invest in offshore wind for the first time in its third clean energy fund. Credit: Ørsted A/S.

Ørsted has completed its acquisition of Deepwater Wind from DE Shaw group in a $510m deal.

The company closed the transaction after securing approval from US competition authorities. The deal was initially announced last month.

The new combined company Ørsted US Offshore Wind is set to have a comprehensive geographic coverage and will be able to deliver clean energy to every coastal state in the east coast corridor between Massachusetts and Virginia in the US.

Ørsted US Offshore Wind CEO Thomas Brostrøm said: “The approval of this deal signals the importance of growing the US offshore wind industry.

“The approval of this deal signals the importance of growing the US offshore wind industry.”

“We are moving quickly to integrate the two US organisations 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 US market to the next level.”

The new company will be jointly headquartered in Boston, Massachusetts, and Providence, Rhode Island, and is said to have the largest pipeline of development capacity, totalling more than 8GW.

It will start integration over the coming weeks and months, with plans to further bolster its presence in other key markets.

Ørsted US Offshore Wind co-CEO Jeffrey Grybowski said: “It is very exciting for two pioneering companies to join forces to create the clear leader in the US offshore wind market.

“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.”