Danish company acquires RI-based Deepwater Wind

PROVIDENCE, R.I. – Deepwater Wind is set to be acquired by a company based out of Denmark.

Orsted is buying the Providence-based company for $510-million. The merger will continue Deepwater Wind’s planned projects, including a new farm off Rhode Island that is expected to power 200,000 homes in the state.

“We’re just going to go full steam ahead on all of these projects,” said Deepwater CEO Jeff Grybowski.

As part of the agreement, this “new” company, Orsted U.S. Offshore Wind, will keep a hub in Providence and add dozens of jobs there. “We’re staying in Rhode Island and we’re growing in Rhode Island,” said Grybowski. “Providence is going to be one of the major hubs of this new combined company.”

Orsted is considered a pioneer in the industry, creating the first offshore wind farm more than 25 years ago. Deepwater Wind completed America’s first offshore farm near Block Island at the end of 2016.

Governor Gina Raimondo, who helped the Block Island farm come to fruition, sees good things coming from the merger. “It’s a great thing for Rhode Island,” she told ABC6 News. “It’s going to enable us to add a lot of jobs and really be the leader in America on offshore wind.”

The acquisition is pending federal approval, which both companies hope will happen by the end of the year.

© WLNE-TV 2018