October 9, 2018 — The following is an excerpt from a story originally published by Reuters:
Orsted, the world’s largest offshore wind developer, said on Monday it would buy U.S.-based Deepwater Wind LLC for $510 million as part of its strategy to expand in a major growth market.
The still small U.S. offshore wind sector is seen as one of the most important markets outside the core European region, where subsidies that have underpinned the industry since the early 1990s are starting to be wound back.
Deepwater Wind, the builder of the only operating U.S. offshore wind farm, has a portfolio with a capacity of around 3.3 gigawatts (GW). Orsted’s U.S portfolio currently has a capacity of 5.5 GW.
Orsted has so far lost out on auctions in the nascent market, while Deepwater Wind has been more successful and currently has the right to develop wind farms in Rhode Island, New York and Connecticut.