NORTH KINGSTOWN – Deepwater Wind Rhode Island LLC yesterday signed a 10-year, $20.7 million agreement to lease 117 acres of land at the Quonset Business Park for use as its regional manufacturing headquarters and local development office.

The Quonset Development Corporation Board of Directors approved the agreement, which also includes options for an additional 10 years, at its meeting yesterday. Deepwater was chosen last year by Gov. Donald L. Carcieri’s administration to build the state’s first two offshore wind farms, a small one off Block Island and a utility-scale one in Rhode Island Sound.

“We envision Quonset as the ‘Silicon Valley’ of renewable energy development,” Paul M. Rich, Deepwater’s chief development officer and its top executive in Rhode Island, said in a statement. “We’re proud to be making Quonset the manufacturing hub for the development of our offshore wind farms.”

The deal will give Deepwater extended rights to three parcels of land, which the company plans to use to stage wind farm components before bringing them out to sea for installation. It also plans to use the location to manufacture some components, although Deepwater does not manufacture wind turbines themselves.

Carcieri hailed the deal last night. “This development agreement marks a major milestone in the state’s march toward the development of offshore wind projects, and positions Rhode Island as the epicenter for renewable energy on the East Coast,” he said in a statement.

Carcieri signed a bill last week that requires National Grid to sign long-term contracts to purchase electricity generated from renewable energy sources. The legislation includes a specific mandate that the utility buy power generated from Deepwater’s project.

“Not only is this about bringing clean, green power that is not subject to variations and increases in fuel prices to our state, but this is also about bolstering economic development in Rhode Island and furthering our efforts to enable Quonset to realize its full potential,” Carcieri said.

The governor’s office said the deal would bring $1 billion in private investment to the state, along with at least 800 new jobs. Carcieri said the jobs would pay combined annual wages totaling $60 million.

Carcieri also said the state is working with Deepwater in an effort to woo a wind turbine manufacturer to Rhode Island. “This is about establishing a new industry in Rhode Island,” the governor said.

Deepwater Wind Rhode Island is a subsidiary of Hoboken, N.J.-based Deepwater Wind LLC, which is backed by the hedge fund company D. E. Shaw & Co. The company also has an office in downtown Providence.

Additional information is available at DWWind.com.