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Danish offshore wind company acquires Deepwater, expands NJ presence

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Orsted will purchase Deepwater WInd for $510 million.
Orsted will purchase Deepwater WInd for $510 million. - ()

Danish energy company Orsted inked a deal with U.S.-based D.E. Shaw Group to purchase Deepwater Wind as both companies pursue plans to develop offshore wind projects off the Jersey shore.

Orsted will purchase Deepwater Wind for $510 million, forming a new North American company called Orsted US Offshore Wind, according to an announcement Monday from Orsted.

Deepwater Wind already has plans to be among the developers chosen for a planned 1,100-megawatt offshore wind project, part of an ambitious clean energy goal laid out by the Murphy administration and overseen by the New Jersey Board of Public Utilities.

And Orsted currently owns a federal lease for an offshore wind project 10 miles off the coast of Atlantic City, which is expected to produce up to 3.5 megawatts of electricity once completed.

“With this transaction we’re creating the No. 1 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 U.S., and Orsted’s unparalleled track record in engineering,” Martin Neubert, CEO of offshore wind at Orsted, said in a prepared statement.

With the new deal, Ørsted said, the North America branch will be able to produce more than 10 GW of offshore wind by 2030.

Gov. Phil Murphy said he wants New Jersey to be able to produce 3,500 megawatts of offshore wind energy by 2030 and be100 percent reliable on clean and renewable energy by 2050.

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Daniel J. Munoz

Daniel J. Munoz

Daniel Munoz covers politics and state government for NJBIZ. You can contact him at dmunoz@njbiz.com.

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