Ørsted will acquire Deepwater Wind for $510 million, making the Danish wind power giant a leading player in the European competition to capture the fast-growing U.S. offshore wind market. Monday’s deal, if approved by regulators, will create a U.S. subsidiary called Ørsted North America that has a combined 8.8 gigawatts of projects in development up and down the East Coast. That’s a significant share of the 10 gigawatts of offshore wind capacity being planned for the region. Deepwater Wind owns the first U.S. offshore wind farm, the 30-megawatt Block Island farm off the Rhode Island coast, which came online in 2016.