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Nearly 5 GW of New Offshore Wind Power Approved for the U.S. Northeast
Over the past week, the offshore wind power sector in the U.S. received two major federal approvals that could add nearly 5 GW to the grid. On July 1, the
The project sited in federal lease area OCS-A 0534, roughly 30 miles south of Barnstable, Massachusetts, is “exceptionally advanced and shovel-ready,” it noted. Construction of Avangrid’s New England Wind projects, however, will be determined by an offshore procurement process jointly offered by the states of Massachusetts, Rhode Island, and Connecticut. BOEM’s actions announced this week mark new momentum for the offshore wind sector, which has suffered headwinds owing to rising inflation, supply chain disruptions, and high interest rates that have increased project costs and financing challenges.
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