Deepwater Wind is developing projects in Connecticut, Maryland and New York and is still planning to construct a second wind farm off of Rhode Island big enough to supply up to 25 percent of the state’s energy needs. Photo by Ionna22/Creative Commons

Danish renewable energy company Ørsted has announced a $510 million deal to buy Deepwater Wind, which built the first offshore wind farm in the U.S. off the coast of Rhode Island. Deepwater Wind is also developing New York’s first offshore wind project for the Long Island Power Authority and built the first offshore wind farm in the U.S. off the coast of Rhode Island.

If approved by regulators, the deal will create a U.S. subsidiary called Ørsted North America that has a combined 8.8 gigawatts of projects in development up and down the East Coast.

By paying more than $500 million for a relatively small company with just one wind farm, Ørsted appears to be confirming that the United States is considered the next big source of growth for this industry.

Source: The New York Times