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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

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.

4 hours ago - World

U.S. strikes Iran-backed militia facilities in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.

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