Tag Archives: Martin Neubert

European Wind Firm Expands to US Market with $510 million Purchase of US Offshore Wind Company

The world’s largest offshore wind developer, Denmark-based Ørsted, has acquired the US-

Havvindparken Sheringham Shoal. Photo courtesy (Foto: Harald Pettersen/Statoil)

based Deepwater Wind LLC, for $510 million. Ørsted is seeking to expand into the US market, which it views has having a huge potential for growth.

After proving successful as an industry in Europe, offshore wind development is having many of the subsidies that have helped the industry grow since the early 1990s rolled back. Wind energy development in the USA is the natural next step.

Deepwater Wind LLC is the developer of the only offshore wind farm in the USA, with a capacity of about 3.3 gigawatts (GW.) Ørsted’s USA portfolio now has a capacity of 5.5 GW.

So far Ørsted has been unsuccessful in getting a better foothold in the US market, losing out on several auctions. Deepwater, in contrast, has been able to achieve more through auctions, and now has the rights to developing offshore wind power for use in Rhode Island, Connecticut and New York.

“With this transaction we’re creating the number one offshore wind platform in North America,” said Ørsted’s offshore wind chief Martin Neubert.