Orsted, the largest energy company in Denmark, which aims to become a global leader in offshore wind energy, has closed two transactions within the past four months as part of an expansion effort in the United States.

Orsted closed the $510-million purchase of Deepwater Wind, and created Orsted US Offshore Wind, a company that will deliver clean energy to every state "in the densely-populated East Coast between Massachusetts and Virginia," the company said late Wednesday.

"The new company launches as the clear leader in the U.S., with the most comprehensive geographic coverage and the largest pipeline of development capacity," Orsted said. Deepwater assets include the 30MW Block Island, the only operational offshore wind farm in the U.S.

The announcement comes after the company reported in August that it had entered into an agreement to buy a 100 percent equity interest in onshore wind producer Lincoln Clean Energy, valued at $580 million. While Orsted's focus is offshore generation, diversification is also important, the company said.

Lincoln has over 1.8 GW of renewable projects in California, New Jersey and Texas, and as of 2017 was the largest non-utility wind developer in the United States, Orsted said. Orsted, a company focused on offshore generation, planned to allow the onshore generation Lincoln Clean Energy to run as a separate unit once the purchase is concluded before year's end.

Total potential capacity of Deepwater of approximately 3.3 GW consists of 30 MW in operation, 810 of offshore wind projects with long-term revenue contracts in place and 2.5 GW that could potentially be developed in three awarded lease areas.

Orsted's other U.S. offshore wind development portfolio represents a 5.5GW capacity and includes development rights for 2 GW off the coast of Massachusetts in a joint venture with Eversource, and rights to 3.5 GW offshore New Jersey.

The Danish company said it will also build two 6 MW wind turbine positions for Dominion Energy's Coastal Virginia Offshore Wind Project.

Orsted used to be a coal generator consumer but a decade ago started a strategic plan to fully phase out coal consumption by 2023. So far it has reduced coal consumption by 73 percent.

The company claims 25 percent of global offshore wind production.

"We've built more offshore wind farms than any other developer in the world and we've only just begun. By 2020, we will expand our offshore wind capacity to 7.45GW, and will have offshore wind farms across Europe, in Denmark, Germany, the UK and The Netherlands," it said.

Orsted currently supplies power to 9.5 million people worldwide.

"Our ambition is to raise this number to 30 million by 2025," company officials said.

Related Links
Wind Energy News at Wind Daily

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

DNV GL successfully completed technical due diligence for 25 MW Windfloat Atlantic floating wind project
Oslo, Norway (SPX) Nov 08, 2018
DNV GL, the world's largest independent energy advisory and certification body, has successfully completed a lenders' technical due diligence on the 25MW Windfloat Atlantic project, the biggest floating wind farm in the Iberian Peninsula. The project is the first project-financed floating wind farm. The due diligence undertaken by DNV GL was instrumental in helping the project to secure the funding from the European Investment Bank which now has announced its intention to provide a euro 60 millio ... read more