Business Wire

Ørsted Completes Acquisition of Deepwater Wind

Ørsted US Offshore Wind Is Launched as the Clear US Market Leader

November 07, 2018 07:51 PM Eastern Standard Time

BOSTON--(BUSINESS WIRE)--Today, Ørsted announced that its acquisition of Deepwater

Wind has been finalized. As per our announcement on October 8, 2018, Ørsted made an
agreement with the D.E. Shaw group to acquire 100% of the equity in Deepwater Wind at a
purchase price of USD 510 million. All conditions to close have been satisfied, including review
of the transaction by US authorities.

The new combined organization—Ørsted US Offshore Wind—will be able to deliver clean

energy to every coastal state in the densely-populated east coast corridor between Massachusetts
and Virginia. Seven states in that region have already committed to build more than 10GW of
offshore wind capacity by 2030. The new company launches as the clear leader in the US
market, with the most comprehensive geographic coverage and the largest pipeline of
development capacity, totaling over 8GW.

Thomas Brostrøm, CEO of Ørsted US Offshore Wind and President of Ørsted North
America, says: “We have created a world-class team, with both deep experience building large-
scale offshore wind projects and intimate knowledge of the US markets. The approval of this
deal signals the importance of growing the US offshore wind industry. We are moving quickly to
integrate the two US organizations so we can deliver large-scale clean energy projects as soon as
possible. We look forward to continuing Deepwater Wind’s first-class work along the Eastern
Seaboard and taking the US market to the next level.”

Jeffrey Grybowski, Co-CEO of Ørsted US Offshore Wind, says: “It is very exciting for two
pioneering companies to join forces to create the clear leader in the US offshore wind market.
Our teams will now begin to merge together to advance our existing projects and to prepare for
our next round of projects for the East Coast. We have very big plans for the US.”

Following the official close of transaction, Ørsted US Offshore Wind will be led by a
management team headed by Chief Executive Officer (CEO) Thomas Brostrøm of Ørsted, Co-
CEO Jeffrey Grybowski, President and Chief Commercial Officer (CCO) David Hang, both
originally of Deepwater Wind, and Chief Operating Officer (COO) Claus Bøjle Møller of
Ørsted.
Ørsted US Offshore Wind will be joint headquartered in Boston, Massachusetts and Providence,
Rhode Island. The company will begin integration over the coming weeks and months and is
further strengthening its presence in other key markets.

About Ørsted US Offshore Wind

Ørsted US Offshore Wind delivers clean, renewable energy along the US Eastern Seaboard. The
company operates Block Island Wind Farm, America’s first offshore wind farm, and has a
comprehensive geographic coverage with the largest pipeline of development capacity, totaling
over 8GW in seven states. It is jointly headquartered in Boston, Massachusetts and Providence,
Rhode Island and employs over 75 people.

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted is the world’s leading
offshore wind farm developer, with 5.1GW offshore wind capacity installed in Europe and
3.8GW under construction. In addition, Ørsted develops, constructs and operates bioenergy
plants, innovative waste-to-energy solutions and provides smart energy products to its customers.
Headquartered in Denmark, Ørsted employs 5,700 people. Ørsted’s shares are listed on Nasdaq
Copenhagen (Orsted). In 2017, the group’s revenue was DKK 59.5 billion (EUR 8.0 billion). For
more information on Ørsted, visit https://orsted.com/ or follow us on Facebook, LinkedIn,
Instagram and Twitter.
PSEG Long Island pushes additional offshore wind power for South Fork

By Marie J. French

11/08/2018 06:11 PM EDT

The company that operates the Long Island Power Authority's system wants to negotiate for an
additional 40 megawatts of offshore wind power from an already-approved project off the South
Fork.

PSEG Long Island is requesting approval from LIPA to increase the power purchase agreement
with Deepwater Wind, which was recently acquired by Orsted, from the current 90 megawatts to
130 megawatts. The additional energy wouldn't require any new turbines because of advances in
offshore wind technology, said Paul Napoli, PSEG Long Island's vice president of power
markets.

"We're going to put on larger turbines and get another 40 megawatts at a substantially reduced
price compared to the first 90 megawatts," Napoli said.

The proposal would help meet continued increases in peak summer electricity demand on Long
Island's South Fork, fulfill the utility's agreement to support Gov. Andrew Cuomo's renewable
goals and serve to satisfy local support for offshore wind, Napoli said.

The South Fork project pre-dates Cuomo's mandate that the state get 2,400 megawatts of
electricity from offshore wind by 2030. NYSERDA on Thursday issued a solicitation for bids to
support an initial 800 megawatts to support that goal.

The South Fork project stems from a 2015 LIPA request for proposals to meet rising demand in
the area.

LIPA had previously rejected a Deepwater Wind proposal for an additional 120 megawatt
offshore wind installation beside the South Fork project, instead selecting a portfolio of solar
projects.

Napoli said the precise cost of the additional 40 megawatts would have to be negotiated in an
amendment to the current $1.6 billion, 20-year contract. It would be subject to approval by the
state comptroller and attorney general.

He said it would likely be lower than the current contract and said it makes sense to go ahead
with the additional purchase without a bidding process, as there are reference points from other
recent offshore wind solicitations in New England.
The additional electricity and renewable energy credits generated by the project would help
LIPA meet its Clean Energy Standard commitments through 2023 along with a few other
projects, Napoli said. Although LIPA is not required to comply with the Public Service
Commission's 50 percent renewable by 2030 mandate, the authority has agreed to support that
goal.

Offshore wind is one of the best renewable resources available on Long Island as little land is
available for onshore resources such as solar.

"We will continue to pursue those projects and look for those but they're becoming more difficult
to find and more difficult to site," Napoli said of potential solar investments.

The LIPA board is set to meet on Nov. 14.

ØRSTED COMPLETES ACQUISITION OF DEEPWATER WIND

Danish wind energy giant Ørsted announced on Thursday that its acquisition of Deepwater Wind
has been finalized. The $510 million deal combines two big players in the U.S. market where
Ørsted is pursuing East Coast projects with a total capacity of 5.5 gigawatts. Deepwater was in
the advanced stages of projects in Rhode Island, Connecticut, Maryland and New York totaling
810 megawatts while pursuing projects with 2.5 gigawatts of development potential. The new
combined organization will be called Ørsted US Offshore Wind, and will be headed by CEO
Thomas Brostrom and COO Claus Moller of Ørsted, as well as co-CEO Jeffrey Grybowski and
president and CCO David Hang, both originally of Deepwater Wind. Deepwater Wind operated
the only offshore wind installation in the U.S., a 30-megawatt farm off Block Island. Connecticut
previously agreed to pursue 200 megawatts of power from Deepwater Wind's Revolution Wind
project, and Rhode Island is also pursuing 400 megawatts of wind energy from Revolution Wind.
The projects will continue under Østed's name. - Chris Triunfo/SHNS
SouthCoastToday

Orsted completes acquisition of Deepwater Wind

By The Standard-Times
Posted Nov 8, 2018 at 10:59 AMUpdated Nov 8, 2018 at 10:59 AM

BOSTON – Orsted announced Thursday that its acquisition of Deepwater Wind has been
finalized.

Orsted has acquired 100 percent equity in Deepwater Wind from the D.E. Shaw Group at a
purchase price of $510 million, according to a news release.

The new combined organization is called Orsted US Offshore Wind.

“We have created a world-class team, with both deep experience building large-scale offshore
wind projects and intimate knowledge of the US markets,” said Thomas Brostrom, CEO of
Orsted US Offshore Wind and President of Orsted North America, in a statement. “The approval
of this deal signals the importance of growing the US offshore wind industry. We are moving
quickly to integrate the two US organizations so we can deliver large-scale clean energy projects
as soon as possible.”

Orsted US Offshore Wind will be led by Brostrom, Co-CEO Jeffrey Grybowski, President and
Chief Commercial Officer David Hang, and Chief Operating Officer Claus Bojle Moller.

“It is very exciting for two pioneering companies to join forces to create the clear leader in the
US offshore wind market,” said Grybowski in a statement. “Our teams will now begin to merge
together to advance our existing projects and to prepare for our next round of projects for the
East Coast. We have very big plans for the US.”

Orsted US Offshore Wind operates Block Island Wind Farm, America’s first offshore wind farm,
and has a comprehensive geographic coverage with the largest pipeline of development capacity,
totaling over 8GW in seven states. It is jointly headquartered in Boston and Providence, Rhode
Island, and employs over 75 people, according to a release.
North American Wind Power
Ørsted Completes $510 Million Deepwater Wind Acquisition
November 8, 2018

The Block Island Wind Farm

Danish energy company Ørsted has officially completed its acquisition of U.S. offshore wind
developer Deepwater Wind.

Providence, R.I.-based Deepwater Wind, owned principally by an entity of the D.E. Shaw
group, built the U.S.’ first operational offshore wind project, the 30 MW Block Island Wind
Farm. As announced a month ago, Ørsted made an agreement with the D.E. Shaw group to
acquire 100% of Deepwater Wind’s equity at a purchase price of $510 million. Now, all
conditions to close have been satisfied, including review of the transaction by U.S. authorities.

The newly combined organization – Ørsted US Offshore Wind – aims to deliver clean energy to
every coastal state in the densely populated East Coast corridor between Massachusetts and
Virginia.

“We have created a world-class team, with both deep experience building large-scale offshore
wind projects and intimate knowledge of the U.S. markets,” comments Thomas Brostrøm, co-
CEO of Ørsted US Offshore Wind and president of Ørsted North America. “The approval of this
deal signals the importance of growing the U.S. offshore wind industry. We are moving quickly
to integrate the two U.S. organizations so we can deliver large-scale clean energy projects as
soon as possible. We look forward to continuing Deepwater Wind’s first-class work along the
Eastern Seaboard and taking the U.S. market to the next level.”

“It is very exciting for two pioneering companies to join forces to create the clear leader in the
U.S. offshore wind market,” adds Jeffrey Grybowski, co-CEO of Ørsted US Offshore Wind.
“Our teams will now begin to merge together to advance our existing projects and to prepare for
our next round of projects for the East Coast. We have very big plans for the U.S.”
Jointly based in Providence and Boston, Ørsted US Offshore Wind will be led by a management
team headed by Brostrøm; Grybowski; Deepwater Wind’s David Hang, president and chief
commercial officer; and Ørsted’s Claus Bøjle Møller, chief operating officer.
WBSM
Ørsted Completes Purchase of Deepwater Wind
JR ReitzNovember 8, 2018

BOSTON — On Wednesday, Ørsted announced that its acquisition of Deepwater Wind has been
finalized.

Ørsted has acquired 100% equity in Deepwater Wind from the D.E. Shaw Group at a purchase
price of $510 Million. All conditions to close have been satisfied, including a review of
the transaction by US authorities.

The newly combined organization—Ørsted US Offshore Wind—will be able to deliver clean

energy to every coastal state in the densely-populated east coast corridor between Massachusetts
and Virginia. Seven states in that region have already committed to building more than 10GW of
offshore wind capacity by 2030. The new company launches as the clear leader in the US
market, with the most comprehensive geographic coverage and the largest pipeline of
development capacity, totaling over 8GW.

Ørsted US Offshore Wind delivers clean, renewable energy along the US Eastern Seaboard.
The company operates Block Island Wind Farm, America’s first offshore wind farm, and has a
comprehensive
geographic coverage with the largest pipeline of development capacity, totaling over 8GW in
seven states. It is jointly headquartered in Boston, Massachusetts and Providence, Rhode Island
and employs 75 people.
Power Technology
Ørsted concludes Deepwater Wind acquisition for $510m

Ørsted US Offshore Wind will be able to deliver clean energy to every coastal state in the east
coast corridor between Massachusetts and Virginia. Credit: Ørsted A/S.

Ørsted has completed its acquisition of Deepwater Wind from DE Shaw group in a $510m deal.

The company closed the transaction after securing approval from US competition authorities.
The deal was initially announced last month.

The new combined company Ørsted US Offshore Wind is set to have a comprehensive
geographic coverage and will be able to deliver clean energy to every coastal state in the east
coast corridor between Massachusetts and Virginia in the US.

Ørsted US Offshore Wind CEO Thomas Brostrøm said: “The approval of this deal signals the
importance of growing the US offshore wind industry.

“The approval of this deal signals the importance of growing the US offshore wind industry.”

“We are moving quickly to integrate the two US organisations so we can deliver large-scale
clean energy projects as soon as possible. We look forward to continuing Deepwater Wind’s
first-class work along the Eastern Seaboard and taking the US market to the next level.”

The new company will be jointly headquartered in Boston, Massachusetts, and Providence,
Rhode Island, and is said to have the largest pipeline of development capacity, totalling more
than 8GW.
It will start integration over the coming weeks and months, with plans to further bolster its
presence in other key markets.

Ørsted US Offshore Wind co-CEO Jeffrey Grybowski said: “It is very exciting for two
pioneering companies to join forces to create the clear leader in the US offshore wind market.

“Our teams will now begin to merge together to advance our existing projects and to prepare for
our next round of projects for the East Coast.”
Renewables Now
Ørsted closes USD-510m Deepwater Wind takeover

A picture from Cathie Associates

visit to the US’ first commercial offshore wind farm; Block Island.
November 8 (Renewables Now) - Denmark’s Ørsted A/S (CPH:ORSTED) has wrapped up the
USD-510-million (EUR 447m) acquisition of Deepwater Wind, the company behind the first
offshore wind farm in the US.
Ørsted said in a statement that all closing conditions have been met, including review of the
transaction by US authorities. The Danish offshore wind major bought Rhode Island-based
Deepwater Wind from the DE Shaw Group.
The acquisition results in the formation of a new US company called Ørsted US Offshore Wind,
which has a development pipeline exceeding 8 GW, Ørsted said. This new firm will be able to
supply electricity to every coastal state in the east coast corridor between Massachusetts and
Virginia, where a total of seven states have already committed to build more than 10 GW of
offshore wind capacity by 2030.
Deepwater Wind is the company that built the first and currently the only operating offshore
wind park in the US, namely the 30-MW Block Island facility. The company also has three
projects with long-term revenue contracts in place or pending finalisation in Rhode Island,
Connecticut, Maryland and New York, totalling 810 MW. In addition, it has around 2.5 GW of
potential projects in offshore wind lease areas in Massachusetts and Delaware.
Ørsted US Offshore Wind will be led by CEO Thomas Brostrøm of Ørsted, as well as co-CEO
Jeffrey Grybowski and president and chief commercial officer (CCO) David Hang of Deepwater
Wind. At the same time, Claus Bøjle Møller of Ørsted will act as chief operating officer (COO).
The firm will have dual headquarters located in Boston, Massachusetts and Providence, Rhode
Island.
“Our teams will now begin to merge together to advance our existing projects and to prepare for
our next round of projects for the East Coast. We have very big plans for the US,” said Jeffrey
Grybowski, co-CEO of Ørsted US Offshore Wind.
Published Nov 08, 2018 8:37
The Maritime Executive
Ørsted Completes Acquisition of Deepwater Wind

By MarEx 2018-11-07 19:01:56

Ørsted has obtained approval by U.S. competition authorities completed the acquisition of a 100
percent equity interest in Deepwater Wind.

Ørsted entered into an agreement with the D.E. Shaw Group to acquire a 100 percent equity
interest in Rhode Island-based Deepwater Wind earlier this month at a purchase price of $510
million.

The two companies’ offshore wind assets and organizations will be merged to become the group
with most comprehensive geographic coverage and the largest pipeline of development capacity
in the U.S.

Deepwater Wind’s portfolio has a total potential capacity of approx. 3.3GW comprising:

• Block Island (30MW), the only operational offshore wind farm in the U.S. Block Island
comprises five General Electric 6MW turbines with a total capacity of 30MW. The Block Island
wind farm, located three miles from Block Island, Rhode Island, came into operation in
December 2016.

• Three offshore wind development projects in Rhode Island, Connecticut, Maryland and New
York totaling 810MW of capacity with long-term revenue contracts in place or pending
finalization.

• Approximately 2.5GW of offshore wind development potential across three lease areas in
Massachusetts and Delaware. Of this, 1.2GW is developed through an equal joint venture with
PSEG, a New Jersey utility.

Ørsted’s current U.S. offshore wind portfolio has a total capacity of approx. 5.5GW comprising:

• Development rights for up to 2GW at the Bay State Wind site off the coast of Massachusetts
owned in a joint venture with Eversource.

• Development rights for up to 3.5GW at the Ocean Wind site off the coast of New Jersey.

• In Virginia, Ørsted will be constructing two 6MW wind turbine positions for phase one of
Dominion Energy’s Coastal Virginia Offshore Wind Project. Ørsted has exclusive rights with
Dominion Energy to discuss the potential development of up to 2GW of offshore wind capacity.
With the combined organization and asset portfolio, Ørsted will be able to deliver clean energy
to the seven states on the U.S. East Coast that have already committed to build in total more than
10GW of offshore wind capacity by 2030.

The name of the new organization is Ørsted US Offshore Wind. It will be represented by a local
management team headed by Ørsted US Offshore Wind CEO Thomas Brostrøm, Co-CEO Jeff
Grybowski, President and CFO David Hang both from Deepwater Wind, and COO Claus Bøjle
Møller from Ørsted.
East End Beacon
Hearing Planned on South Fork Wind Farm
East End BeaconNovember 5, 2018

Deepwater Wind’s Block Island Wind Farm during construction | Deepwater Wind photo
As word broke in early October that Rhode Island-based offshore wind developer Deepwater
Wind was acquired by the Danish offshore wind firm Ørsted, the company is preparing for
public comment on its Construction and Operations Plan, submitted to the Bureau of Ocean
Energy Management for its proposed South Fork Wind Farm off the coast of Montauk.
Three public hearings are scheduled on the plan in early November. The first will be held at the
Amagansett American Legion Hall at 15 Montauk Highway in Amagansett on Monday, Nov. 5.
Deepwater Wind representatives will be in attendance for an open house from 5 to 8 p.m., with a
public presentation and question and answer session at 6 p.m.
The other two hearings are scheduled in New Bedford, Massachusetts on Wednesday, Nov. 7
and in Narragansett, Rhode Island on Thursday, Nov. 8.
If approved, the COP would allow construction and operation of up to 15 turbines that connect
via a transmission cable to the grid in East Hampton. The project is in federal waters
approximately 19 miles southeast of Block Island and 35 miles east of Montauk Point.
The public hearings constitute the public scoping portion of BOEM’s Oct. 19 notice of intent to
prepare an environmental impact statement for the project, which includes a 30-day public
comment period that began Oct. 19 and concludes Nov. 19.
Deepwater Wind’s Construction and Operations Plan is available for public inspection at
boem.gov/South-Fork.
In addition to taking testimony at the public hearings, BOEM is accepting emailed comments at
www.regulations.gov. In the field “Enter Keyword or ID,” enter the following: BOEM-2018-
0010.
BOEM is also accepting written comments at Bureau of Ocean Energy Management, Office of
Renewable Energy Programs, 45600 Woodland Road (VAM-OREP), Sterling, Virginia 20166.
On Oct. 7, Ørsted announced it had entered into an agreement with the D.E. Shaw Group, which
owned Deepwater Wind, to acquire a 100 percent equity interest in the Rhode Island offshore
wind developer, at a purchase price of $510 million.
Ørsted is the largest energy company in Denmark and is one of the pioneers of offshore wind
development in Europe.
The name of the new organization is Ørsted US Offshore Wind, which will be represented by a
local management team headed by Ørsted US Offshore Wind CEO Thomas Brostrøm; Co-CEO
Jeff Grybowski and President and CFO David Hang, both from the Deepwater Wind team, and
COO Claus Bøjle Møller from the Ørsted team.
“Deepwater Wind has done a fantastic job as a first-mover in US offshore wind, and I look
forward to joining and integrating the two US organizations,” said Thomas Brostrøm, CEO of
Ørsted US Offshore Wind and President of Ørsted North America, in the Oct. 7 announcement.
“We have exciting times ahead of us delivering large-scale clean energy projects to households
and businesses along the Eastern Seaboard. Ørsted will maintain a strong presence in
Massachusetts and Rhode Island and will, of course honor the local commitments associated
with Deepwater Wind’s projects along the East Coast.“
Deepwater Wind has one functioning five-turbine demonstration project off the coast of Block
Island, and is also working on projects in Massachusetts, Delaware and Maryland.
Ørsted has already acquired the development rights for 2 gigawatts of wind power off the coast
of Massachusetts and 3.5 gigawatts off the coast of New Jersey, and is working with Dominion
Energy on a wind turbine project off the coast of Virginia.
27 East
Feds Hear Concerns Over Deepwater Wind Proposal

Remarks by Brad Loewen, the chairman of the East Hampton Town Fisheries Advisory
Committee, were met with cheers from most East End residents who packed American Legion
Post 419 in Amagansett on Monday.

At a public hearing, Mr. Loewen, a former town councilman, accosted U.S. Bureau of Ocean
Energy Management officials, saying that his voice as a resident and bayman felt “stifled,” as the
federal government begins to draft an environmental impact statement for Deepwater Wind’s
proposal to construct 15 wind-generated power turbines in the ocean off Block Island.

“At worst, you don’t give a damn what we have to say, because you have already made up your
minds,” he said.

More than 100 residents came to the meeting to hear a presentation by BOEM officials and to
comment on the federal review of the offshore wind energy project.

Residents were given two minutes each to offer input on issues and concerns about the project,
and were encouraged to submit written comments, or to comment online at regulations.gov, by
November 19. More than 15 stations were set up around the room staffed with Virginia-based
BOEM experts and Deepwater Wind community liaisons to answer questions about the project.

Bayman like Mr. Loewen say the construction, operation and eventual decommission of
Deepwater Wind’s renewable energy project would disrupt their business, and they fear the pile
driving and dredging of the seabed to make way for underwater cables and turbine foundations
would drive wildlife away from popular commercial fishing locations.

Mr. Loewen called for the federal government to compel Deepwater Wind to compensate
commercial fishermen for lost revenue due to construction. He also called for fisheries, which he
said bear “the weight of this proposal,” to have a seat at the table during all phases of the project.

“We know this is our last, best hope,” Mr. Loewen said.

BOEM Environmental Impact Statement Coordinator Mary Boatman said the agency is
weighing whether to approve Deepwater Wind’s proposal, with or without modifications, to put
a wind farm in the leasing area in federal waters—which requires public input to shape the
project.

In addition to asking the public for input, BOEM consults with other governing agencies,
including the National Oceanic and Atmospheric Administration, and regulations, such as the
National Historic Preservation Act and the Coastal Zone Management Act, before it can let the
applicant proceed.

“If we want to build a wind farm, we ask ourselves, ‘How are we going to do it with the fisheries
in mind?’” said Aileen Kenney, the energy company’s senior vice president of development.

Deepwater Wind touted throughout the night its community outreach on the docks with local
fisheries. Fishing surveys for the project were even claimed to be done on commercial fishing
vessels with fishermen.

“In order to be successful in development, you have to make concessions,” she continued.

Deepwater Wind contends it has already changed its plans after discussions with East Hampton
Town officials to get permission to bring the power cable to shore at Beach Lane in Wainscott to
connect to the PSEG Long Island electric substation. The company has promised to increase the
spacing between wind turbines to one mile, arrange the wind farm in a grid to not interfere with
commercial passageways, and scrapped a northern cable route.

Ms. Kenney also said that Ørsted, the Danish wind energy giant that purchased Deepwater Wind
for $510 million in October, is committed to backing all of those promises made.

Town officials, however, made it clear more still needs to be done.

Town Supervisor Peter Van Scoyoc, Councilman David Lys, Trustee Clerk Francis Bock and
Trustee Rick Drew asked for the federal government to complete additional baseline studies on
fish and wildlife habitats before it compiles its draft environmental impact statement. They also
asked them to consider approving smaller cables with better insulation and fewer turbines
installed farther apart, among other changes.
“This project will set an example for larger wind developments in that lease area off the coast,”
Mr. Van Scoyoc said. “It is critically important that BOEM vet all of the environmental
concerns, and the economic impacts on the fishing industry that supplies the traditional means of
making a living here in town for the last 400 years.”

Michael McDonald, a Springs resident and member of the East End Resilience Network, claimed
the 15-turbine project was going to open the door to the long-term industrialization of the
Atlantic Ocean.

“If our town has to absorb this kind of industrialization, it will change the character of the town,”
he said.

Other residents, like Michael Wootton of Wainscott, were concerned the project was far more
extensive than what they were privy to. The fear is that what BOEM is considering has doubled
in size since it was first proposed, laying the groundwork for a larger plan. The plan submitted to
BOEM suggests the project has grown to a 180-megawatt wind farm with two 230-kilovolt
transmission cables coming to shore or to potentially an offshore substation.

The area leased by Deepwater can accommodate more than 100 wind turbines, which is set by
the energy company and not by federal limitations. Also, there are more federal waters
designated for wind energy projects close by, and other projects in the works. In addition there is
another, separate proposal BOEM is considering to open up about 287 square miles of the
Atlantic Ocean south of Fire Island for wind farm development.

Mr. Wootton said that, to make matters worse, BOEM has never stopped a project from
happening or approved a project of this scale—even though there is another Deepwater Wind
project off the coast of Block Island. “Block Island is not a barrier beach,” Mr. Wootton said.
“You’ve never done this before.”

Ms. Boatman contends that even though there are multiple irons in the fire, if the project was to
be approved, Deepwater Wind would be allowed to build only within regulations. “The only
thing we are looking at, and what can be built if approved, is for 15 turbines,” Ms. Boatman said.

“But we are looking at a broader future here, too—cumulative, outside this project,” said
Michelle Morin, the regional environmental branch chief at BOEM.

Meanwhile, some residents, like Don Matheson of East Hampton, wholeheartedly supported the
proposal, saying that the larger benefit to combat climate change is more important, and “the
ship has sailed” when it comes to over-industrialization of the South Fork.

“It’s this or it’s going to be something else to keep up for the increased demand for electricity
and combat climate change,” said Adrienne Esposito, executive director of the Citizens
Campaign for the Environment, which is based in Farmingdale. “Or we make an effort to stop
development—but you can ask the supervisor how that’s going.”

As the meeting came to a close, Steve Williams, the president of the Azurest Homeowners
Association in Sag Harbor, asked, when all said and done, what electricity is going to cost the
average resident.

Jennifer Garvey, the Long Island development manager at Deepwater Wind, said that LIPA
figures put the rate at 16 cents per kilowatt—even if there are delays to construction or setbacks.
That’s lower than what the New York State comptroller’s office has said the cost of the LIPA
contract for power from the wind farm will be, saying the cost to ratepayers is an average of
about 22.5 cents per kilowatt over the 20-year life of the project.

“The risk is ours to bear,” Ms. Garvey said.

“Just remember us, please,” Mr. Williams said. “We are part of the environment, too.”
For Your Information:

For Immediate Release: 11/8/2018 GOVERNOR ANDREW M. CUOMO

GOVERNOR CUOMO ISSUES NEW YORK'S LARGE-SCALE OFFSHORE WIND

SOLICITATION

First Phase of Bids Advances Development of New York's 2,400 Megawatts of Offshore Wind;
Supports Governor Cuomo's Mandate of 50 Percent Renewable Energy by 2030 to Combat
Climate Change

New York Becomes First State to Require Wage and Labor Provisions for Offshore Wind
Projects to Ensure Creation of High-Quality Jobs for New York Workers

State Will Host New York Offshore Wind Supplier Forum on November 15, 2018 to Connect
New York Businesses to Offshore Wind Supply Chain Opportunities

Governor Andrew M. Cuomo today issued a comprehensive solicitation seeking 800 megawatts
or more of new offshore wind projects for New York. This highly anticipated first offering,
issued by the New York State Energy Research and Development Authority kicks-off
competition for New York State's first large-scale offshore wind development contracts, an
initial step toward its goal of 2,400 megawatts of offshore wind by 2030 to combat climate
change. The solicitation accelerates New York's progress towards Governor Cuomo's mandate
for 50 percent of the state's electricity to come from renewable sources by 2030 and significantly
jump starts the emerging offshore wind industry in New York.

"This action is a watershed moment in New York's renewable energy development efforts as we
work to establish a secure, reliable and cost-effective clean energy future," Governor Cuomo
said. "New York will continue to combat climate change, investing in robust offshore wind
development and clean energy that provides a path toward a greener and more sustainable future
in our state and around the world."

"This solicitation for offshore wind projects advances our commitment to reach our aggressive
clean energy goals," said Lieutenant Governor Kathy Hochul. "We are continuing to advance
renewable energy developments across the state to ensure a cleaner and greener environment for
future generations. New York is leading the way in our efforts to grow the industry and combat
climate change."

This historic offering marks an important new chapter in New York's nation-leading offshore
wind planning efforts, which have been conducted over three years and have included extensive
stakeholder, agency, and public consultation along with detailed technical and financial
analysis. These planning efforts provided the basis for New York's Offshore Wind Master Plan,
released in January of 2018, and the Public Service Commission's July 2018 Order Establishing
the State's Offshore Wind Standard, which established the foundation for this important step
forward.

Richard Kauffman, Chairman of Energy and Finance, said, "With this solicitation, New
York takes a momentous step toward a clean, renewable energy future. Under Governor Cuomo's
leadership, New York is creating a nation-leading offshore wind industry, bringing high quality
jobs and greater economic opportunities for New Yorker's with a lower costing, cleaner, and a
more efficient energy system. New York is ideally positioned to capture this growing technology
and demonstrates that investments in clean energy can benefit New Yorkers both economically
and environmentally."

A rapidly growing state-of-the-art global industry, offshore wind is expected to bring an

estimated $6 billion of investments to New York that will support approximately 5,000 highly-
skilled new jobs in manufacturing, installation and operation of offshore wind facilities and
nearly 2,000 jobs in long-term operations and maintenance. The NYSERDA solicitation includes
first-of-a-kind requirements for wage and labor agreements by offshore wind developers to
ensure that the projects deliver high-quality jobs for New York workers.

To facilitate the ability of New York businesses to participate in the delivery of these projects,
NYSERDA will host the New York Offshore Wind Supplier Forum on November 15, 2018 in
New York City to connect local suppliers and service providers to global offshore wind
developers and manufacturers. More information on the Forum is available here.

Alicia Barton, President and CEO, NYSERDA said, "Offshore wind is poised to be the next
major clean energy resource for the United States, and thanks to Governor Cuomo's steadfast
commitment to developing new renewable energy and fighting climate change, New York is now
positioned at the forefront of this burgeoning new industry. With the issuance of today's
solicitation New York will kick off development and construction of the first generation of large-
scale offshore wind projects, and NYSERDA has structured the solicitation to ensure that these
projects will fully deliver on their environmental and economic development promise."

Under the solicitation, NYSERDA has the ability to award 25-year long-term contracts for
projects ranging from approximately 200 megawatts to approximately 800 megawatts, with an
ability to award larger quantities if sufficiently attractive proposals are received. Each proposer is
also required to submit at least one proposal of approximately 400 megawatts. Bids are due in
February 2019, and awards are expected in Spring of 2019 and contracts are expected to be
executed thereafter to take advantage of expiring federal tax credits.
Other notable provisions in this comprehensive solicitation include:

 Ensuring that coastal communities are fully engaged and informed during the
development and construction process;
 Requiring Project Labor Agreements and prevailing wage for workers associated with the
construction of any awarded facility;
 Incentivizing associated jobs, project spending, and infrastructure investments in New
York State by requiring awardees to provide an economic benefits plan for evaluation,
backed by independent audit and verification of the realization of these claims; and
 Actively addressing the interests of ocean users such as commercial and recreational
fishing and environmental stakeholders as reflected in mitigation plans which are
informed by New York's technical working groups.

Under the New York State Public Service Commission's July 2018 Order, which adopted New
York's 2,400-megawatt goal and set the framework for the first phase of solicitations,
NYSERDA will award proposals according to both the price offered by the proposer as well as
economic benefits and project viability. Through these solicitations, NYSERDA will procure
Offshore Wind Renewable Energy Certificates, ORECs, from awarded facilities.

As the cost of offshore wind has declined significantly over the last decade in Europe and around
the world, New York is leading the nation's efforts to bring this renewable technology to the
Atlantic coast of the U.S. In June, NYSERDA was awarded $18.5 million in funding by the U.S.
Department of Energy to lead a nationwide Research and Development Consortium to advance
offshore wind nationally. Industry, academia, and national laboratories will support Consortium
initiatives to reduce cost and risk of offshore wind development projects throughout the U.S.
while supporting U.S.-based manufacturing and the offshore wind supply chain. The Consortium
strengthens New York's leadership role in advancing the cost effective and responsible
development of offshore wind.

Public Service Commission Chair John B. Rhodes said, "The development of offshore wind
energy is central to achieving Governor Cuomo's goal of 50 percent renewable energy by 2030
with good, clean well-sited projects. With this step, New York is leading the development of this
great resource and industry, and set to achieve great quantities of good clean power as we drive
costs down dramatically, as well as to create thousands of good-paying jobs and millions of
dollars of investment in our coastal communities and in New York."

New York State Department of Labor Commissioner Roberta Reardon said, "Offshore
wind is a critical piece of our state's renewable energy future and growth in this industry means
high-quality jobs for New Yorkers. This solicitation not only supports the state's ongoing
commitment to the environment it also benefits workers by requiring project labor agreements,
guaranteeing prevailing wage and incentivizing jobs."

New York State Department of Environmental Conservation Commissioner Basil Seggos

said, "Offshore wind development is a critical part of New York's comprehensive clean energy
agenda to reduce greenhouse gas emissions and fight climate change. DEC worked closely with
key stakeholders and partners, including the commercial fishing industry and our state partners at
NYSERDA and the Department of State, to ensure sensitive offshore habitats are avoided by
potential energy developments, and this solicitation will be guided by these recommendations to
ensure offshore wind is responsibly sited and protective of our natural resources."

Empire State Development President, CEO and Commissioner Howard Zemsky

said, "Clean energy is a vital component of New York's economic future and this competition
will take the state's commitment to offshore wind to the next level, leading to new green jobs and
generating billions of dollars of investment."

Nassau County Executive Laura Curran said, "This announcement is a huge step for Long
Island and New York on our mission to build a clean energy economy. Governor Cuomo
continues to be a champion for the environment and offshore wind, and we thank him and his
administration for remaining focused on forging a road to a cleaner, greener New York."

Suffolk County Executive Steve Bellone said, "Today's announcement represents a significant
moment for the future of Long Island, as we work to mitigate climate change and establish New
York as a leader in clean energy. I commend Governor Cuomo for his unwavering commitment
to a clean energy climate here in Suffolk County and around the State of New York."

Joe Martens, Director, New York Offshore Wind Alliance, said, "The release of the state's
first ever competitive offshore wind procurement by NYSERDA is momentous and is the next
step in the Governor's unwavering commitment to secure at least 800 MW of this clean,
renewable, carbon-free energy source by 2019. Thanks to Governor Cuomo, New York's path to
offshore wind energy has been thorough, thoughtful and smart. The state's leadership in moving
aggressively to harness offshore wind power will lead to thousands of jobs, greater energy
diversity, new businesses and indeed, a new American clean energy industry."

Kevin Law, President and CEO of the Long Island Association, said, "Today's solicitation
represents an important step forward in building Long Island's clean energy economy, creating
new jobs in this industry and diversifying our fuel sources which is why the LIA has supported
the development of this resource."

Lisa Dix, New York Senior Representative, Sierra Club said, "We applaud the Governor and
his Administration for this historic action on offshore wind that will help ensure New York will
be a regional hub for the offshore wind industry and a national renewable energy economic and
jobs powerhouse. The Governor kept his commitment to rapidly advance offshore wind and has
done it in a way that provides maximum benefits to New Yorkers. We commend the Governor
and the state for holding to their commitments to responsible offshore wind contracting by
ensuring strong environmental and labor standards, and supporting local businesses,
communities and a local supply chain."

Catherine Bowes, Program Director for Offshore Wind Energy, National Wildlife
Federation said, "Today's announcement marks historic progress in New York's pursuit of
responsibly developed offshore wind power, and we applaud Governor Cuomo and NYSERDA
for their leadership in committing to a process that can maximize both the environmental and
economic benefits of this critically needed climate change solution. We look forward to working
with the Cuomo administration to advance this national model and ensure that all projects built
to power New York are developed responsibly with the highest standards of wildlife protection
in place every step of the way."

Gordian Raacke, Executive Director of Renewable Energy Long Island, said, "Today's
request for offshore wind proposals for New York marks an important milestone in our state's
transition to local and renewable energy sources. We commend Governor Cuomo for his
visionary leadership and thank NYSERDA for moving rapidly to establish New York as a leader
in offshore wind power."

Lara Skinner, Executive Director, ILR Worker Institute said, "NYSERDA's release today of
an 800 MW RFP for offshore wind marks a historic moment in New York State's commitment to
establish a robust and equitable offshore wind industry that will transform NY's economy over
the coming decades. In particular, this RFP includes labor provisions that put New York State at
the forefront of tackling the climate crisis and creating high-quality jobs that support working
people. From the manufacture of offshore wind component parts, to offshore wind port facilities,
and thousands of jobs in the construction of offshore wind farms, New York is seizing a major
jobs and economic development opportunity with today's announcement."

Anne Hawkins, Executive Director, Responsible Offshore Development Alliance said, "Our
coalition looks to provide a unified voice for the commercial fishing industry regarding issues
related to the siting and operations of offshore developments, and to ensure that any advances in
offshore wind occur in a way that minimizes conflicts with existing traditional and historical
fishing. RODA is encouraged by the uniquely collaborative and forward-looking approach that
New York has taken in this solicitation to require commercial fishing involvement, through a
joint approach with developers and states, to implement fisheries mitigation frameworks that
address potential direct and indirect fisheries impacts."

Adrienne Esposito, Executive Director, Citizens Campaign for the Environment said, "Our
transition from fossil fuels to renewables has just taken a giant leap forward with this historic
commitment. This is a game changer, a legacy that all New Yorkers will be proud of. By tackling
climate change head on New York is proving to be a global leader. This solicitation is a
tremendous win for renewable energy, the climate, and the people."

Gary LaBarbera, President, Building and Construction Trades Council of Greater New
York and Co-Founder, Climate Jobs New York, said,"The New York City Building Trades is
excited about the State's historic RFP on Offshore Wind. While several states have joined the
effort to develop an Offshore Wind policy and industry, it is New York State that has gone the
farthest to make certain that this new industry produces high quality employment opportunities.
The New York City Building Trades thanks Governor Cuomo and NYSERDA for the leadership
in progressive procurement policies in renewable energy procurements, such as the inclusion of
prevailing wage and Project Labor Agreement requirements in this RFP. These policies ensure
the jobs created by this new industry will be good middle class careers that provide excellent
wages, health and retirement benefits, as well as safety and skills training for this new sector.
New York State's plan for Offshore Wind procurement is a "win/win" for New Yorkers."