Danish company acquires Deepwater Wind

Mon, 10/08/2018 - 2:00pm

Ørsted — the largest developer and owner of offshore wind farms in the world — has entered into an agreement with the D.E. Shaw group to acquire a 100 percent equity interest in Rhode Island-based Deepwater Wind. The two companies’ offshore wind assets and organizations will be merged into the leading U.S. offshore wind platform. 

Ørsted is the global leader in offshore wind. Since pioneering the world’s first offshore wind farm in Denmark in 1991, Ørsted operates 24 offshore wind farms – more than any company in the world. With over 2,200 people working in offshore wind, Ørsted operates over 5,100 MW of offshore wind today, with plans to reach nearly 7,500 MW by 2020.  

The company plans to grow Deepwater Wind’s current Rhode Island presence in the coming years, making Providence and Boston the two major hubs of the company’s U.S. offshore wind activities.  

Development of the company’s new 50-turbine Revolution Wind project for Rhode Island and its investments in Rhode Island will continue as planned. The Revolution Wind project is expected to create over 800 construction jobs in Rhode Island and dozens more long-term maintenance and operations jobs. Operations at the Block Island Wind Farm, America’s first offshore wind farm, will continue as normal.

Current Deepwater Wind personnel based in Rhode Island will continue to work in that office, and the new company is expected to add new long-term corporate jobs in Rhode Island. Deepwater Wind CEO Jeffrey Grybowski has been named co-CEO of the new combined company. Grybowski and a new Chief Operating Officer from the Ørsted organization will be based in Rhode Island. Other senior executives, including Thomas Brostrøm, CEO of the new organization, will be based in Boston. 

“As we invest in the new company, Rhode Island will play a very important role in our growth plans. We stand behind Deepwater Wind’s commitments to invest $40 million in Rhode Island ports and create hundreds of jobs locally building the Revolution Wind farm and other projects,” said Martin Neubert, CEO of Offshore Wind at Ørsted. 

“Deepwater Wind has done a fantastic job as a first-mover in U.S. offshore wind, and I look forward to joining and integrating the two U.S. organizations,” said Thomas Brostrøm, CEO of Ørsted U.S. Offshore Wind and President of Ørsted North America. “We have exciting times ahead of us delivering large-scale clean energy projects to households and businesses in Rhode Island, Maryland, Massachusetts, Long Island/New York, Connecticut and New Jersey. Ørsted will maintain a strong presence in Rhode Island and Massachusetts and will of course honor the local commitments associated with Deepwater Wind’s projects along the East Coast.” 

“I am deeply grateful to the many people who have made Deepwater Wind so successful and am excited to see what the largest and most innovative offshore wind company in the U.S. can do when merged with the largest and most successful offshore wind company in the world,” said Bryan R. Martin, Managing Director of D.E. Shaw and Chairman of Deepwater Wind. “Jeff Grybowski and his leadership team have successfully balanced the complexity of building complicated projects with responsiveness to the many stakeholders affected by the emergence of this new industry. The standard that they set is high, and I am thrilled that Ørsted, offshore wind’s global leader, can now author the next chapter for Deepwater Wind. Together, they’ll continue to make history.” 

This is a developing story. Please see Friday’s edition of The Block Island Times for more information.