Offshore Wind
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New England states have jointly-submitted applications to compete in the second round of the Department of Energy (DOE)’s Grid Innovation Program (GIP) which has $1.82 billion to award.
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California Independent System Operator (CAISO) has announced that 2 of the offshore wind-related transmission processes will be part of a May 2024 competitive transmission procurement.
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The US offshore wind sector continues to gain momentum with the latest round of regulatory approvals as financiers begin to prep the paperwork to fund these mega projects.
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The Bureau of Ocean Energy Management (BOEM) has given a Record of Decision (ROD) to Avangrid for its New England Wind lease area, the penultimate permit approval needed to construct its 2.6GW offshore wind projects.
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Shell North America has sold its 50% stake in the 2.4GW proposed SouthCoast Wind project with its joint venture partner Ocean Winds North America.
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Neoenergia has signed a memorandum of understanding (MoU) with the government of Rio de Janeiro to support the development of offshore wind projects.
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The Bureau of Ocean Energy Management (BOEM) has approved Ørsted's 924MW Sunrise Wind project off the coast of New York, making it the seventh utility-scale offshore wind project approved under the Biden-Harris administration.
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Ørsted continues leadership changes after suffering significant impairments in 2023 from US offshore wind projects with the hire of Rasmus Errboe as deputy chief executive officer and chief commercial officer.
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The Bureau of Ocean Energy Management (BOEM) has proposed a second offshore wind lease sale for the Gulf of Mexico. The sale includes 4 sites off Louisiana and Texas which have the potential to power up to 1.2 million homes.
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The Bureau of Ocean Energy Management (BOEM) has finalised a Wind Energy Area (WEA) in the Gulf of Maine, which has a potential 32GW capacity.
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Ørsted's 132MW South Fork Wind is the first utility-scale offshore wind project to become fully operational in the US. The achievement comes after nearly a decade of industry struggles since the first large-scale transmission farm, Cape Wind, failed in 2015.
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Danish developer Ørsted has agreed to sell its stakes in a 957MW operating wind portfolio in the US to Stonepeak for about $300 million.
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The New York State Energy Research and Development Authority (NYSERDA) has issued conditional agreements for 2 offshore wind projects in its fourth offshore wind solicitation: 810MW Equinor-owned Empire Wind 1 and Ørsted & Eversource-developed 924MW Sunrise Wind.
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The Bureau of Ocean Energy Management (BOEM) has released the final environmental review of the 2.6GW New England Wind project off Massachusetts. The project is owned by Park City Wind, a subsidiary of Avangrid, and is expected to power over 900,000 homes.
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The Bureau of Ocean Energy Management (BOEM) has approved the construction and operations plan (COP) of 800MW Empire Wind 1, an offshore wind farm owned by Equinor in the New York Bight region. The BOEM's decision was the final step before the project could commence construction.
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Infrastructure and real assets-focused investment firm Stonepeak will acquire a 50% interest in Dominion Energy’s Coastal Virginia Offshore Wind project.
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Against challenging clean energy targets the US offshore wind energy continues to forge ahead. Since the start of the Biden-Harris administration, the Department of the Interior has approved the nation's first 6 commercial-scale offshore wind energy projects.
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The Bureau of Ocean Energy Management (BOEM) has designated 2 final Wind Energy Areas (WEAs) offshore Oregon as it moves closer to a lease sale.
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Eversource Energy has agreed to divest to Global Infrastructure Partners (GIP) its 50% stake in its remaining 2 offshore projects that are co-owned with Ørsted.
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To bolster California's offshore wind industry state legislators proposed a $1 billion bond act to help pay for the expansion of ports.
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Renewables company BrightNight has made 2 senior-level appointments to its asset management and construction teams.
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Dominion Energy has secured final approval from the Bureau of Ocean Energy Management (BOEM) for the construction and operations of its 2.6GW Coastal Virginia Offshore Wind (CVOW) project.
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Danish energy company Ørsted has terminated its offtake agreement with the state of Maryland for its 2 Skipjack Wind projects as it re-evaluates project plans amid current market conditions.
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BP and Equinor have divided their offshore wind joint venture projects with BP claiming full ownership of Beacon Wind and Equinor taking ownership of Empire Wind.
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The New York State Energy Research and Development Authority (NYSERDA) has closed its solicitation process for its fourth offshore wind auction. Several companies have announced their proposals, including Equinor, RWE, National Grid, and Ørsted.
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Ørsted is to become the sole owner of the 924MW Sunrise Wind project after buying out joint venture partner Eversource Energy.
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Consortiums led by Invenergy and TotalEnergies were awarded offshore wind projects with conditional contracts of 3.74GW capacity as the New Jersey Board of Public Utilities (NJBPU) closes its third-round tender.
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Updated to include:
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The Bureau of Ocean Energy Management (BOEM) has drafted the environmental review of future development on the six lease areas awarded in the New York Bight tender in 2022.
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Energy giants Equinor and BP have canceled their power purchase agreement (PPA) with New York to provide 1.26GW from the proposed Empire Wind 2 project.
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The state of Delaware has begun official negotiations with offshore wind developer US Wind, which is developing two wind farms off Maryland, to provide lease areas for the farms' undersea cables and onshore substations.
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The state of Louisiana has approved its first-ever offshore wind farm agreements for projects in state waters, inking contracts with Vestas and Mitsubishi subsidiaries.
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The Bureau of Ocean Energy Management (BOEM) has proposed a Central Atlantic offshore wind lease sale for over 277,000 acres in the waters off of Delaware, Maryland, and Virginia. The sale is expected to take place in 2024.
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Canadian province Newfoundland and Labrador (NL) has signed a memorandum of understanding (MoU) with the federal government to become a lead regulator on offshore wind projects in 16 inland bays in the province.
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Renewable and utility developer Invenergy has acquired the Atlantic Power Transmission (APT) project from Blackstone, relaunching the New Jersey transmission initiative as Jersey Link, to support New Jersey’s offshore wind goals.
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Ørsted’s 132MW South Fork project has become the first offshore wind farm to plug into New York’s power grid, and Vineyard Wind completed its first five wind turbines as the projects go head-to-head to become the first full utility-scale offshore wind farm in the US.
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Renewables developer energyRe has raised a $1.2 billion capital package to develop and construct its 10.5GW solar, wind, and storage portfolio, as well as 500 miles of transmission.
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The former chief executive of FirstLight Power, Alicia Barton, will join Vineyard Offshore as chief executive on January 1, 2024.
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Although an issue facing the whole energy sector, transmission and grid connectivity for the offshore wind industry has reached a whole new level of complexity.
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Boston-based Álvaro Ortega has joined innovative floating offshore wind (FLOW) company Gazelle Wind Power as chief financial officer.
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Offshore wind developer Attentive Energy is preparing two investments to help grow the industry's supply chain and support ocean-based technology startups in New Jersey.
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The Bureau of Ocean Energy Management (BOEM) has approved the 816GW Empire Wind 1 offshore wind project, owned by Equinor and BP. Empire Wind marks the sixth offshore wind project approved by the Biden-Harris administration in its goal to reach 30GW of offshore generation by 2030.
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Eversource and Ørsted's jointly owned Revolution Wind, a 704MW offshore wind project located off Rhode Island, has received final Bureau of Ocean Management (BOEM) approval for its construction and operations plan.
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Among the many hurdles the offshore wind sector is facing, the lack of guidelines for tax credits guidelines remains one of the most convoluted.
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New York will release requests for proposals (RFPs) for offshore wind and onshore renewable energy projects on November 30, 2023.
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Oceanic Wind Energy has renegotiated its agreements with green power developer Northland Power, taking back its 400MW Hecate Strait offshore wind project in British Columbia.
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Ørsted's chief financial officer and chief operating officer have left after the company announced $5 billion in impairments, canceling its 2.3GW Ocean Wind 1 and 2 offshore wind farms off New Jersey, and pulling out of a consortium due to bid on offshore wind projects in Norway.
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Siemens Gamesa Renewable Energy has pulled out of its $200 million Portsmouth, Virginia, offshore wind blade manufacturing facility, citing turbulence in the industry.
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Eversource Energy is looking to sell its 50% stake in its offshore wind joint venture with Danish energy giant Ørsted, which includes three projects totaling 1.7GW.
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The seas have been rough for the offshore wind sector, and projects are repeatedly being hit by rising interest rates, supply chain disruptions, local unrest, and political opposition. Financing issues and heavy losses in the past quarter have unraveled the traditional project process. The key economic burden on these projects is, by far, the power purchase agreement (PPA) gap.
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Energy giant BP has declared impairments of $540 million related to its New York offshore wind projects, Empire Wind 1 and 2 and Beacon Wind. BP owns the projects off the New York and Massachusetts coasts in a 50:50 joint venture with Equinor.
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The Bureau of Ocean Energy Management (BOEM) has finalized four Wind Energy Areas (WEAs) with the potential to supply 3GW of energy for another Gulf of Mexico lease sale.
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Despite earlier announcements of large impairments and project cancellations for offshore wind, joint-venture partners Ørsted and Eversource have taken the final investment decision (FID) in their 704MW Revolution Wind, commencing the construction of the utility-scale offshore wind farm.
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The world's largest offshore wind developer, Ørsted, has stopped development of its 2.3GW Ocean Wind 1 and 2 offshore wind farms off New Jersey after announcing impairments of over $5.5 billion.
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US maritime and logistics company Crowley has hired a former GE Offshore Wind executive as vice president of business development for its Wind Services group.
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The Bureau of Ocean Energy Management (BOEM) has approved Dominion Energy's 2.6GW Coastal Virginia Offshore Wind (CVOW) project, the largest offshore wind project in the US. Construction will begin in Spring 2024 and is expected to take around 3 years, bringing CVOW online in late 2026.
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After New York state rejected a request from offshore wind developers to raise prices, Norwegian energy giant Equinor has recorded a $300 million impairment on its US offshore wind projects.
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Renewables company and Iberdrola Group member Avangrid and green energy investment firm Copenhagen Infrastructure Partners (CIP) have closed a $1.2bn first-of-its-kind tax equity package for their jointly owned Vineyard Wind 1 offshore wind project.
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New York Governor Kathy Hochul has revealed a new renewable investment plan for the state, announcing conditional offtake agreements to three offshore wind projects and 22 onshore projects.
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Rise Light & Power and Corio have purchased stakes in TotalEnergies's 3GW Attentive Energy offshore wind farm, paying a total of $420 million.
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New York Governor Kathy Hochul has vetoed an Equinor and BP-endorsed bill to build underground transmission lines from its offshore wind projects into the city of Long Beach. Hochul's rejection of the Planned Offshore Wind Transmission Act strikes another blow to the industry a week after the state government shot down a financial relief bill for offshore wind developers.
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Vineyard Wind, owned by Avangrid and CIP, has installed the first turbine of its Vineyard 1 project, a landmark milestone for the 800MW project, which will be the first utility-scale offshore wind farm in the US. Once complete, Vineyard Wind will power nearly half a million Massachusetts homes.
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New York State Public Service Commission (PSC) has unanimously rejected a request from a group of offshore wind developers to provide financial relief for four projects on the New York coast and 86 onshore projects. The relief would have come from increasing prices for customers, totaling $12 billion.
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Rhode Island Energy has issued a request for proposal (RFP) for an additional 1.2GW of offshore wind power.
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North Carolina, the Commonwealth of Virginia, Maryland and Delaware have started a workforce to further offshore wind development.
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Dominion Energy is set to add 772MW of solar generation in Virginia through six Dominion-owned or acquired solar farms and 13 power purchase agreements (PPAs) with independently owned projects.
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Massachusetts, Connecticut, and Rhode Island have entered into an offshore wind partnership to solicit larger wind farms with the goal of curbing prices. The states had previously scheduled individual solicitations for January 2024 but will now run a 6GW offshore wind energy tender together.
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Iberdrola-subsidiary Avangrid has terminated its 20-year power purchase agreements (PPA) with Connecticut utilities, Eversource Energy, and United Illuminating, for its proposed 804MW Park City Wind offshore generation project.
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Equinor has hired former operations and maintenance executive at Vestas Wind Systems, Samuel Byrne.
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The exhaustive push to deploy the 468MW Cape Wind project off the coast of Massachusetts came to a halt in early January 2015. Power purchase agreements (PPAs) fell through; banks fell away (PFR, 1/7/15). The $1.95 billion deal, the first offshore wind farm to be fully permitted by the BOEM, died after 14 years.
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Petrobras is planning to develop 23GW of offshore wind projects along the Brazilian coastline.
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Ocean Winds has signed a memorandum of understanding (MoU) with transportation and energy conglomerate Prumo Logística to collaborate on offshore wind generation in Brazil.
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Ørsted has completed its $625 million all-cash purchase of Eversource Energy's share in 175,000 acres of an offshore lease area that covers three ongoing offshore wind projects, becoming the sole owner of the land.
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The offshore wind troubles continue as Danish firm Ørsted has delayed its first US offshore wind project, Ocean Wind I, until 2026. Additionally, oil giants Equinor and BP are seeking to increase the power price of all three of the US wind farms in their partnership by over 50%.
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SouthCoast Wind, formerly known as Mayflower Winds, has terminated its power purchase agreements (PPAs) with Massachusetts utilities Eversource, Unitil, and National Grid for its offshore wind farm off the coast of Massachusetts.
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The Bureau of Ocean Energy Management (BOEM) closed its first-ever offshore wind energy auction in the Gulf of Mexico with only one lease awarded: RWE Offshore US Gulf won with a bid of $5.6 million for a 1.24GW project.
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The Bureau of Ocean Energy Management (BOEM) has approved the fourth US commercial-scale, offshore wind project, Revolution Wind, a 704MW offshore wind farm located southeast of Point Judith, Rhode Island.
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The Massachusetts Department of Public Utilities (DPU) approved the Eversource PPA termination for Avangrid Renewable's Commonwealth Wind project and revealed the final rules for the state's offshore wind procurement.
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Morgan Stanley Investment Management (MSIM), through Morgan Stanley Infrastructure Partners (MSIP), has entered a joint venture with US maritime and logistics company Crowley to repurpose US port facilities with offshore wind developers.
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