Deepwater Wind was established to develop large-scale offshore wind projects in the north-eastern part of the United States. The company's major investors are First Wind, a developer of on-shore wind projects in the United States, D.E. Shaw & Co., a capital investment firm with energy sector experience, and Ospraie Management, an asset management firm interested in alternative energy markets.
On 25 September 2008, Governor Donald L. Carcieri announced that Deepwater Wind was chosen as the successful developer to construct a wind power project off Rhode Island which will provide 1.3 million megawatt hours per year of renewable energy — 15 percent of all electricity used in the state. In 2009, Deepwater signed an agreement with National Grid to sell the power from a $200-million, 30-MW wind farm off Block Island, at an initial price of 24.4 ¢/kW·h.
- Rhode Island Governor Carcieri Names Deepwater Wind as Developer for Rhode Island's Off-Shore Wind Farm
- Rhode Island Chooses Deepwater Wind to Build Off-Shore Wind Farm
- Turkel, Tux (January 3, 2010). "Offshore wind power: Can Maine afford it?". Portland Press Herald. Retrieved 2010-01-08. [dead link]