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.