|Proposed location (hatched red) for the Delaware Offshore Wind Park. The red dots represent locations for which Bluewater developed visualizations of the wind farm. Click to enlarge.|
The acquisition by Babcock & Brown addresses the last major hurdle in the effort to finance and build Delaware Offshore Wind Park—potentially the first major offshore wind park in the US—which is how the $1.6 billion project would be funded.
All of the Bluewater Wind staff, including President Peter Mandelstam, will continue with the company.
Bluewater’s new partnership with Babcock & Brown provides us with the commitment, strength, reliability and financial backing to successfully develop the Delaware Offshore Wind Park, helping to ensure it will provide stable-priced, affordable, and clean, renewable power to Delmarva Power’s customers for many years to come. The Bluewater team is delighted to join the Babcock & Brown family of companies. I am honored that Babcock & Brown, a true leader in wind energy, valued our business model so highly that it offered to acquire the company.—Peter Mandelstam
|The V90-3.0 MW turbine. Click to enlarge.|
Babcock & Brown Babcock & Brown is a global investment firm that manages assets in excess of $50 billion. The company already manages in excess of 1,200 megawatts (MW) with its equity share in excess of 850 MW. This includes operations at 18 wind farms in eight US states.