The Associated Press PROVIDENCE, R.I. (AP) — An offshore wind developer based in Rhode Island is being acquired by the Danish offshore wind company, Orsted.
Providence-based Deepwater Wind announced Monday that Orsted has entered into an agreement to buy it. Orsted says it’s paying $510 million. The agreement must be approved by federal regulators.
Thomas Brostrom, chief executive officer of the new organization, said there’s a large market for offshore wind along the Eastern Seaboard. Orsted wanted to buy the company that successfully developed and permitted an offshore wind project in the new market, he added. He said they’ll be looking for more wind farm projects, beyond what’s planned already.