Ørsted announced that its acquisition of
Deepwater Wind has been finalized


November 13, 2018
 


Ørsted made an agreement with the D.E. Shaw group to acquire 100% of the equity in Deepwater Wind at a purchase price of USD 510 million. All conditions to close have been satisfied, including review of the transaction by US authorities.

The new combined organization—Ørsted US Offshore Wind—will be able to deliver clean energy to every coastal state in the densely-populated east coast corridor between Massachusetts and Virginia. Seven states in that region have already committed to build more than 10GW of offshore wind capacity by 2030.

The new company launches as the clear leader in the US market, with the most comprehensive geographic coverage and the largest pipeline of development capacity, totaling over 8GW.

Ørsted US Offshore Wind will be led by a management team headed by Chief Executive Officer (CEO) Thomas Brostrøm of Ørsted, Co-CEO Jeffrey Grybowski, President and Chief Commercial Officer (CCO) David Hang, both originally of Deepwater Wind, and Chief Operating Officer (COO) Claus Bøjle Møller of Ørsted.

Ørsted US Offshore Wind will be joint headquartered in Boston, Massachusetts and Providence, Rhode Island. The company will begin integration over the coming weeks and months and is further strengthening its presence in other key markets.

We have big ambitions in the U.S., which this acquisition is testament of. We’re merging the best of two worlds: Deepwater Wind’s expertise in developing and permitting U.S. offshore wind projects, and Ørsted’s unparalleled track-record in developing, constructing and operating large-scale offshore wind farms globally. We have exciting times ahead of us delivering large-scale clean energy projects to households and businesses along the Eastern Seaboard.