New Jersey Approves Two Major Offshore Wind Projects
The approvals were part of the state’s third solicitation for offshore wind power as it aims to achieve approximately 11,000 MW of offshore wind power by 2040. The developments are expected to bring significant economic benefits for New Jersey and establish it as a key player in the offshore wind supply chain. New Jersey’s offshore wind development strategy aims to secure the best overall value for ratepayers while safeguarding the environment and commercial and recreational fishing interests. As part of their commitment, the awarded projects will provide over $60 million for environmental and fisheries research, monitoring, and conservation efforts. The approvals come as the offshore wind industry faces challenges from soaring costs, high interest rates and supply chain bottlenecks that have forced some projects to developers to pivot their plans or cancel projects altogether. “Governor Murphy’s leadership is positioning New Jersey as a significant hub for offshore wind development,” said Said Anne Reynolds, Vice President for offshore wind at the American Clean Power Association. More, >>click to read<< 10:45
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