Developer of offshore wind power gets new owner

The company planning to build a wind farm off the coast of Delaware has a new owner.

NRG Energy is the new owner of offshore wind developer BlueWater Wind. BlueWater is in the process of developing several offshore wind power projects on the Atlantic coast. Earlier this year, BlueWater’s parent company Babcock and Brown announced plans for a controlled break-up and liquidation.

Part of what made BlueWater an attractive NRG President and CEO David Crane says offshore wind is the best renewable energy source that’s close to millions of people living on the East Coast. “Acquiring an experienced offshore developer like BlueWater, with good projects already in the development pipeline, gives NRG first move advantage in this potentially lucrative market.”

NRG plans to keep BlueWater Wind’s development team in place. That means BlueWater CEO Peter Mendalstam will now serve as the head of NRG’s offshore wind development. “By joining forces with NRG, BlueWater Wind will enhance its development expertise, as well as access to capital for the development and construction of these projects.”

BlueWater currently has seven offshore wind projects in various stages of planning in the Northeast. Delaware’s project is likely to be the first to produce power. BlueWater has a 25-year, 200 megawatt power purchase agreement with Delmarva Power. Governor Jack Markell (D) says the announcement “will bring together the financing, experience, and energy expertise necessary to develop the billion dollar project.” Construction on the Delaware wind farm could start in 2013. That process could last one to two years.