OCEAN CITY — Deepwater Wind, one of the two companies in the process of developing offshore wind energy farms off Ocean City’s coast, has been acquired by a larger global leader in wind energy, but the change is not expected to impact the project off the coast of the resort.
Deepwater Wind officials announced on Monday the company has been acquired by Orsted, a global leader in offshore wind energy. Orsted has entered an agreement with the D.E. Shaw Group to acquire a 100-percent equity interest in Deepwater Wind with a purchase price of $510 million.
Deepwater Wind is developing the Skipjack Project, the smaller of the two offshore wind energy farm projects in the works off the coast of Ocean City. Well over a year ago, the Maryland Public Service Commission approved two offshore wind energy projects off the coast of Ocean City in two designated Wind Energy Areas (WEA). Deepwater Wind’s Skipjack project would place its turbines roughly 20 miles from the resort coast and 26 miles from the pier at the south end of Ocean City. According to Deepwater Wind CEO Jeff Grybowski, the company’s acquisition by Orsted will not impact the Skipjack project and is not expected to change the project’s timeline
“The new company is committed to building the Skipjack wind farm just as Deepwater Wind planned,” he said. “We will help make Maryland’s offshore wind goals a reality. Development of the 120-megawatt Skipjack wind farm will continue as planned and our Annapolis-based team and local project office will remain. We remain committed to making major investments in port facilities in Baltimore and Ocean City. The Skipjack wind farm is expected to be commissioned in 2022.”
Martin Neubert, CEO of Orsted’s offshore wind division, said his company’s acquisition of Deepwater Wind will bring the two companies’ collective resources together for the Ocean City project and other offshore wind projects up and down the east coast.
“With this transaction, we’re creating the number-one offshore wind platform in North America, merging the best of two worlds: Deepwater Wind’s longstanding expertise in originating, developing and permitting offshore wind projects in the U.S. and Orsted’s unparalleled track record in engineering, constructing and operating large-scale offshore wind farms.”
According to the release, the Skipjack project, sighted about 19 miles off the coast of Ocean City, will interconnect to the Delmarva peninsula where it will deliver power to Maryland residents and beyond. Subject to permitting, further development and a final investment decision, the Skipjack project is expected to be commissioned by the end of 2022.