Ospraie, Shaw To Build Wind Farm Off Rhode Island

Sep 26 2008 | 1:03pm ET

A pair of hedge funds is part of a group selected to build a huge wind farm off Rhode Island that will provide 15% of that state’s power.

Deepwater Wind, which is owned by Ospraie Management, D.E. Shaw Group and First Wind, were chosen from seven groups that offered proposals to the Ocean State. Deepwater will build the $1 billion facility without state funding, Gov. Donald Carcieri (R-R.I.) said.

The project still requires formal agreement and approval by state and federal regulators.

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