Statoil Wins Offshore Wind Lease in NY for cheap money

With Statoil being the provisional victor, the Norwegian giant said it will now have the opportunity to explore the potential development of an offshore wind farm to provide New York City and Long Island with a significant, long-term source of renewable electricity. Statoil Winds U.S. LLC bid almost $42.5 million for the rights to almost 80,000 acres of water beginning 12 miles from the coast. Statoil subsidiary Statoil Wind US LLC must pass federal agency reviews before it can open a one-year preliminary lease – and a hearing in U.S. District Court, where a February 8 date has been set to hear commercial fishermen’s motion for an injunction against the lease. The auction covered 79,350 acres of ocean real estate – roughly 127 square miles – between the southern Long Island and northern New Jersey coasts, and as the saying goes, things accelerated fast: Statoil Wind’s winning bid of $42.46 million was a far cry from the $158,700 (roughly $2 per acre) opening bid required by the Interior Department’s Bureau of Ocean Energy Management. Read the rest here 08:27