Offshore Wind Gets Green Light in New York
The New York State Energy Research and Development Authority released the New York State Offshore Wind Master Plan (the “Master Plan”) in late January 2018 to chart a course towards developing 2,400 MW of offshore wind by 2030. To that end, the Master Plan anticipates soliciting 800 MW of offshore wind by the end of 2019. The Master Plan comes a year after the Long Island Power Authority approval of a 90 MW offshore wind farm between Long Island and Martha’s Vineyard. The Master Plan supports Governor Cuomo’s goal of supplying half of New York’s electricity demands through renewable generation by 2030.
In this note, we highlight key considerations for lenders and developers looking to enter the offshore wind market in New York.