Greentech Advises


Greentech Advises the Board of Deepwater Wind on its sale to Ørsted
November 8, 2018

Greentech Capital Advisors is pleased to announce the following transaction:
Financial advisor to the Board of Deepwater Wind on its sale to

$510,000,000November 2018

*

CLIENT OVERVIEW

Headquartered in Providence, RI, Deepwater Wind is a leading US offshore wind developer, which has built an attractive and geographically diverse portfolio of projects along the US East Coast. Deepwater Wind’s portfolio has a total potential capacity of approximately 3.3 GW comprising of:

  • Block Island (30 MW), the only operational offshore wind farm in the US;
  • Three offshore wind development projects in Rhode Island, Connecticut, Maryland and New York totaling 810 MW of capacity with long-term revenue contracts in place or pending finalization; and
  • Approximately 2.5 GW of offshore wind development potential across three well-sited BOEM lease areas in Massachusetts and Delaware. Of these 2.5 GW, 1.2 GW is developed through an equal joint venture with PSEG, a leading New Jersey utility.
* Mandated through Greentech Capital Advisors Securities, LLC

TRANSACTION OVERVIEW

  • On November 7, 2018, Ørsted A/S, a leading Danish offshore wind farm developer, announced the close of its acquisition of a 100% equity interest in Rhode Island-based Deepwater Wind from the D.E. Shaw Group at a purchase price of US$510mm
  • Ørsted has installed 5.1GW offshore wind capacity in Europe and has a further 3.8GW under construction
  • The two companies’ offshore wind assets and organizations will be merged into a leading US offshore wind platform with the most comprehensive geographic coverage and the largest pipeline of development capacity
  • With the combined organization and asset portfolio, Ørsted will be able to deliver clean energy to the seven states on the US East Coast that have already committed to build more than 10 GW of offshore wind capacity by 2030 (source: Bloomberg New Energy Finance)
  • The name of the new organization will be Ørsted US Offshore Wind

The transaction press release can be found here.

Greentech acted as financial advisor to the Board of Deepwater Wind. For additional information about this transaction, please contact:

Jeff McDermott
Managing Partner
+1 (212) 946-3940
jeff@greentechcapital.com

PJ Deschenes
Partner
+1 (212) 946-3362
pjdeschenes@greentechcapital.com

Derek Bentley
Partner
+1(212) 946-3948
dbentley@greentechcapital.com

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