Deepwater Wind to build USD1bn offshore wind farm in Rhode Island

Mon Sep 29 2008, 10:34 AM UTC+01:00

Deepwater Wind is building an offshore wind farm off Rhode Island that is expected to cost around USD1bn and provide 15% of Rhode Island’s electricity. Deepwater Wind is funded by Massachusetts-based First Wind and investment firms D E Shaw & Co and Ospraie Management. Rhode Island’s governor Donald Carcieri says the wind farm will generate 1.3m MWh of power per year, which equates to a capacity of 150MW, assuming the turbines spin consistently.

Deal Details

The project will be financed by unnamed private investors. In addition, Carcieri is hoping to convince the Rhode Island Public Utilities Commission to require state utility National Grid to sign a long-term power purchase agreement with Deepwater.

Deepwater Wind has also agreed to invest around USD1.5bn in a manufacturing facility in Quonset to make support structures for all its offshore wind farm projects in the northeast US. Deepwater says the factory will provide 800 jobs.

Governor Carcieri is not saying when the Rhode Island project is expected to begin producing electricity. However, the permitting process alone will take about two years.

 

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