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Deepwater Wins First Auction for U.S. Offshore Wind Lease

Deepwater Wind LLC won the first auction for offshore wind-energy development in U.S. federal waters, agreeing to pay $3.8 million to lease two blocks off Massachusetts and Rhode Island.

The closely held company, which is backed by the hedge fund D.E. Shaw & Co., plans to put 200 turbines in the water with total capacity of 1,000 megawatts, according to a statement yesterday. Construction could begin in 2017, and power production in 2018, the Providence, Rhode Island-based company said.