Deepwater Wind has secured more than 290 million dollars to build and operate a wind farm off the coast of Block Island. The company plans to begin installing turbines this summer. Deepwater is, so far, the only offshore wind company in the country to get full financing for an offshore wind farm.
Two banks have financed Deepwater Wind’s offshore wind farm: a bank in France and Ohio-based KeyBank.
Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment The Bottom Line.
This week, Dave and Mark talk with Scott DePasquale, Chairman and CEO of Providence-based global software company Utilidata. The company is partnering with Siemens to put voltage regulation software made by Utilidata into power grids. They discuss how more efficient power grids mean smaller power bills and the upside to having a global company in Rhode Island.
The Interior Department's Bureau of Ocean Energy Managment auctioned off two out of four wind development areas off the coast of Martha’s Vineyard today for potential wind energy development. Twelve companies were eligible to place bids, but only two took part in the auction.
The two companies are RES Americas, a company headquartered in the UK, and OffshoreMW, the sister company of a German wind energy developer. They have secured provisional leases to build offshore wind farms off the coast of Massachusetts, south of Martha’s Vineyard.
The Block Island offshore wind farm will produce more power than originally expected, said Deepwater Wind CEO Jeff Grybowski at an open meeting before the state's Public Utilities Commission. The company expected the wind farm to produce 40 percent of its total maximum power. But since the company proposed the project, advances in turbine technology have bumped up the wind farm’s projected efficiency.
Federal regulators have cleared the way for a transmission cable linking Block Island to Rhode Island’s mainland. It's big step forward for Deepwater Wind’s offshore wind farm.
The decision for the “right-of-way grant” marks a major milestone – not just for the Block Island Wind Farm project itself – but also for offshore renewable energy in the United States. The cable, which would cross federal waters, would do two things: connect Block Island to the ocean wind farm 3 miles off the island’s coast, and transmit energy between the mainland and the island.
Local tradesmen and women will build some of the foundation parts of the Block Island ocean wind farm, which is slated for construction next year. This is the first round local jobs Deepwater Wind expects to create from the project.
Rhode Island and Massachusetts are leaders among East Coast states in the race to advance offshore wind energy development. That’s according to a new report from the National Wildlife Federation.
These two states are the only ones that have secured a combination of necessary contracts, leases, and permits to build offshore wind farms. The report points to budding large-scale projects from offshore developers Deepwater Wind and Cape Wind. Construction for these projects, including the Block Island Wind Farm, is set to begin next year.
A subcommittee of the Coastal Resources Management Council has unanimously recommended approving a proposed offshore wind farm off the coast of Block Island.
The subcommittee’s official recommendation will be read at a council meeting within the next 30 days, and then scheduled for a full committee vote. The subcommittee’s recommendation holds a lot of weight, according to Laura Dwyer, information coordinator for the Coastal Resources Management Council.
A subcommittee of the Coastal Resources Management Council will take another step in the permitting process for a proposed offshore wind farm in state waters, when it decides next week whether to recommend approval for the project.