U.S. OFFSHORE WIND ABOUT TO BUILD

Embryonic No More: U.S. Offshore Wind Industry Gaining Momentum

Jesse Broehl and Michael Ernst, August 6, 2014 (North American Windpower)

“…The offshore sector is progressing not only with key projects like Cape Wind and the Block Island wind farm, but also more broadly as the federal government provides new grants and works with coastal states to offer large leases for future offshore development…As of the end of July, the developer behind the 468 MW Cape Wind project had secured close to two-thirds of the approximately $2.5 billion needed for the wind farm, to be located off the coast of Cape Cod, Mass. In addition, the developer sold more than 77% of the projected output (363 MW) through stable, 15-year power purchase agreements (PPAs) at $0.187/kWh plus inflation…Deepwater Wind’s more modest 30 MW wind plant, located off the Rhode Island coast, has its entire output secured with a 15-year PPA at $0.244/kWh…preliminary contracts for turbines from Alstom…an installation vessel from Fred Olsen Windcarrier, and continues to move through final regulatory hurdles…Construction of both projects is planned to commence in 2015…The pipeline potential being built up through offshore lease signings through a program administered by the federal Bureau of Ocean Energy Management (BOEM) is also an exciting development…” click here for more

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