Ørsted snaps up US competition in massive deal  – The Post

Ørsted snaps up US competition in massive deal 

Acquiring Deepwater Wind gives Danish energy giant a solid foothold in US market 

Ørsted blowing hot in the US (photo: Ionna22)
October 8th, 2018 1:05 pm| by Christian W
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The Danish energy firm Ørsted (formerly DONG) has consolidated its position in the US by acquiring one of the leading US offshore wind energy firms Deepwater Wind in a deal worth 3.3 billion kroner. 

Based out of Rhode Island on the east coast, the move will make Ørsted the new leading platform for offshore wind energy in the US, with the broadest geographical coverage and project capacity. 

“With this transaction we’re creating the number one 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 US, and Ørsted’s unparalleled track-record in engineering, constructing, and operating large-scale offshore wind farms,” said Martin Neubert, the CEO of offshore wind at Ørsted. 

“Today’s announcement consolidates Ørsted’s position as the global market leader in offshore wind with a strong foothold across Europe, North America and Asia-Pacific.” 

READ MORE: Ørsted sells half its stake in massive offshore wind-farm for 37.5 billion kroner

Beefing up across the pond 
Ørsted had been in direct competition with Deepwater Wind in previous project bidding rounds and had lost out to the American firm several times. 

The Danish company’s current offshore wind capacity in the US is about 5.5 GW and the purchase will allow the firm to deliver green energy to seven states on the eastern seaboard that have agreed to produce 10 GW worth of offshore wind energy by 2030. 

With the finalisation of the acquiry of Deepwater Wind, Ørsted will establish a new organisation under the name Ørsted US Offshore Wind. 

Ørsted has significantly stepped up its activities in the US recently and only last week the company obtained Lincoln Clean Energy, based in Chicago in a deal worth 3.7 billion kroner.