M&A Deal Summary

Public Service Enterprise Group and Ørsted Acquire Ocean Wind 1

On January 1, 2020, Public Service Enterprise Group and Ørsted acquired renewable energy company Ocean Wind 1

Acquisition Highlights
  • This is Public Service Enterprise Group’s 6th and Ørsted’s 4th transaction in the Renewable Energy sector.
  • This is Public Service Enterprise Group’s 6th and Ørsted’s 4th transaction in the United States.
  • This is Public Service Enterprise Group’s 1st and Ørsted’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2020-01-01
Target Ocean Wind 1
Sector Renewable Energy
Buyer(s) Public Service Enterprise Group
Ørsted
Deal Type Joint Venture

Target

Ocean Wind 1

Atlantic City, New Jersey, United States
Ocean Wind 1 is an offshore wind project delivering 1,100 MW of clean, reliable energy. Ocean Wind 1 is based in Atlantic City, New Jersey.

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Buyer(S) 2

Buyer

Public Service Enterprise Group

Newark, New Jersey, United States
Category Company
Founded 1985
Sector Utilities
Employees12,543
Revenue 11.2B USD (2023)
DESCRIPTION

Public Service Enterprise Group is a diversified energy company, provides electric and gas service – serving 2.2 million electric customers and 1.8 million gas customers or nearly three out of every four people in the state. Public Service Enterprise Group was founded in 1985 and is based in Newark, New Jersey.

DEAL STATS #
Overall 6 of 6
Sector (Renewable Energy) 6 of 6
Type (Joint Venture) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 6 of 6
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-25 Hanergy America - Columbia Solar Project

Pittsburg, California, United States

The facility, built on a remediated brownfield, is located 40 miles northeast of San Francisco in Pittsburg, CA. The 25.4 MW-dc facility has 83,000 solar panels on a 105-acre remediated parcel located in an historically industrial zone. The site underwent an extensive cleanup, led by site owner USS-POSCO Industries, over several years under the supervision of the California Department of Toxic Substances Control.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-12 Public Service Enterprise Group - 6 750-Megawatt Fossil Generating Portfolio

Newark, New York, United States

Public Service Enterprise Group's 6,750-Megawatt Fossil Generating Portfolio is a provider of energy services to clients.

Sell $1.9B
Buyer

Ørsted

Fredericia, Denmark
Category Company
Founded 2006
Sector Renewable Energy
DESCRIPTION

Ørsted is a developer of offshore wind farms, Ørsted has installed 5.1 GW offshore wind capacity in Europe and has a further 3.8 GW under construction. It is Ørsted’s ambition to have installed a total offshore wind capacity of 11-12 GW worldwide by 2025. Ørsted entered the U.S. in 2015 and sees the U.S. renewables market as an attractive, strategic growth opportunity. Ørsted holds the right to develop Bay State Wind and Ocean Wind, in total up to 4 GW of potential offshore wind capacity.

DEAL STATS #
Overall 4 of 4
Sector (Renewable Energy) 4 of 4
Type (Joint Venture) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 4 of 4
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-08 Deepwater Wind

Providence, Rhode Island, United States

Deepwater Wind is an offshore wind and transmission developer. Deepwater Wind delivers Block Island, the offshore wind farm in the US and has built-up a portfolio of 810MW of development stage assets with long-term revenue contracts awarded, with a further approx. 2.5GW potential capacity. Deepwater Wind was founded in 2007 and is based in Providence, Rhode Island.

Buy $510M
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