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A wind farm near the Oresund Bridge between Sweden and Denmark. Photo: Maxym Marusenko/NurPhoto via Getty Images

Denmark-based Orsted is buying the U.S. firm Deepwater Wind for $510 million, giving the world's largest offshore wind company a much bigger foothold in the emerging Atlantic coast market.

Why it matters: The deal announced Monday is another sign of the emergence of offshore wind in the U.S., which lags far behind the older and much larger European market, but is increasingly a hotbed of activity.

How it works: Deepwater Wind, which is currently owned by the hedge fund D.E. Shaw, has the only currently operating U.S. offshore wind farm — a 30-megawatt project off Rhode Island.

  • But it has a vastly larger portfolio of planned or potential projects — over 3 gigawatts worth. Meanwhile, Orsted, according to the announcement, also has development rights for several regions in the U.S.

The intrigue, via The New York Times: "The Deepwater purchase appears to be an attempt by Orsted to acquire a company that can better navigate the regulatory and political systems of the United States."

  • Reuters notes that Orsted "has so far lost out on auctions in the nascent market" while Deepwater Wind has been more successful.

The details: The merged company will be called Orsted US Offshore Wind and the deal is expected to be completed by year's end. Orsted's Thomas Brostrom will be CEO, while Deepwater Wind head Jeff Grybowski will be co-CEO.

  • Orsted offshore wind chief Martin Neubert said in a statement that the companies are a good fit, because Deepwater Wind has "longstanding expertise in originating, developing and permitting" U.S. projects, while Orsted brings its track record of engineering, building, and operating large offshore wind farms.

Go deeper

AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.

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Axios Re:Cap talks with the turkey giant's CEO Jay Jandrain about what people are buying, what they're asking the "Turkey Talkline" and what the pandemic has meant for his business.

Biden introduces top national security team

President-elect Joe Biden's nominee for Secretary of State Antony Blinken spoke Tuesday at an event introducing the incoming administration's top national security officials, where he told the story of his stepfather being the only one of 900 children at his school in Poland to survive the Holocaust.

What they're saying: "At the end of the war, he made a break from a death march into the woods in Bavaria. From his hiding place, he heard a deep rumbling sound. It was a tank. But instead of the iron cross, he saw painted on its side a five pointed white star," Blinken said.

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