Danish Offshore Wind Company Buys Rhode Island-Based Deepwater Wind

Oct 8, 2018

An offshore wind developer based in Rhode Island is being acquired by the Danish offshore wind company, Ørsted. 

Providence-based Deepwater Wind announced Monday that Ørsted has entered into an agreement to buy it.

Ørsted said it's paying $510 million.

Deepwater Wind built the first U.S. offshore wind farm off Block Island, Rhode Island. It's currently developing three wind farms to supply power to Rhode Island, Connecticut, Long Island, New York, and Maryland. 

Ørsted CEO Henrik Poulsen said the purchase comes at a time when offshore wind is experiencing international growth. 

"We can now say that the cost of green energy is full competitive with 'black' energy," Poulsen said. "And as such, there is no economic reason for not accelerating the transition to green energy. So yes, we do see a clear acceleration in demand, and I'm not sure we've seen the final acceleration."

Deepwater Wind said it'll expand in the coming years, making Providence and Boston the two major hubs of the company's U.S. offshore wind activities. 

The name of the new organization will be Ørsted U.S. Offshore Wind.

Ørsted and its partners recently opened the world's largest wind farm, capable of powering about 600,000 homes, in the Irish Sea.

This report includes information from The Associated Press and Patrick Skahill of Connecticut Public Radio.